KUALA LUMPUR: RHB Bank
Bhd (RHB) and Petroliam Nasional Bhd (Petronas) have entered into a memorandum of understanding to collaborate on the implementation of a Sustainable Vendor Financing Programme (SVFP).
RHB said in a statement today that the SVFP is a key pillar under the Petronas Supplier Support Programme (PSSP), aimed at strengthening the resilience, competitiveness, and sustainability readiness of Malaysia’s oil and gas services and equipment (OGSE) vendor ecosystem.
"The programme is designed to support Malaysian OGSE vendors, particularly small and medium enterprises, as they adapt to evolving energy transition requirements while continuing to deliver economic value, employment and technical capability.
"It aligns with Malaysia’s National Energy Transition Roadmap, which underscores the importance of mobilising financing, strengthening domestic industrial capacity and enabling an inclusive transition pathway that balances sustainability ambitions with economic development,” it said.
RHB Banking Group chief sustainability officer Angus Salim Amran said energy transition must be just to be impactful, and it is essential that vendors across the value chain progress alongside larger corporates.
"Through this collaboration with Petronas, RHB aims to provide credible and practical sustainable and transition financing that helps OGSE vendors strengthen resilience, capture emerging opportunities and advance their sustainability pathway in a commercially viable manner,” he said.
RHB said the SVFP reflects a shared commitment to advance a just and orderly energy transition.
"The programme recognises that vendors have differing starting points and transition capacities, and seeks to ensure that financial support is responsive, proportionate and impactful across the OGSE value chain,” it said.
RHB said that eligible vendors enrolled in the PSSP may gain access to tailored sustainable financing under the SVFP.
It added that these are designed to support operational growth and business continuity and measurable sustainability improvements, while encouraging stronger environmental, social and governance practices. - Bernama
