PETRONAS: VFP approves RM1.6bil funding as of July 2022

The annual Fortune Global 500 list for 2022 ranked the world’s largest companies by revenue for fiscal 2021. The national oil company made RM248bil in revenue in 2021 and profit after tax of RM48.6bil while its total assets amounted to RM635bil, according to its website.

KUALA LUMPUR: The Petronas Vendor Financing Programme (VFP) continues to make positive impact on the industry with more than 260 applications and RM1.6 billion worth of funding approved as of July 2022.

Petronas head of strategic programme and licensing of group procurement Natrah Mohd Tahir said the VFP was mooted to assist Malaysian oil and gas service equipment (OGSE) vendors adversely affected by the oil price crisis back in 2018 in securing working capital and improving their cash flow to sustain their businesses.