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). This initiative aims to enhance the resilience, competitiveness, and sustainability readiness of Malaysia's oil and gas services and equipment (OGSE) vendor ecosystem.

According to BERNAMA News Agency, the SVFP is a significant component of the Petronas Supplier Support Programme (PSSP). The programme is designed to assist Malaysian OGSE vendors, particularly small and medium enterprises, in adapting to new energy transition requirements while maintaining economic value, employment, and technical capability. It aligns with Malaysia's National Energy Transition Roadmap, which highlights the necessity of mobilising financing and strengthening domestic industrial capacity.

RHB Banking Group chief sustainability officer, Angus Salim Amran, emphasized that energy transition must be equitable to make a meaningful impact, and it is crucial for vendors across the value chain to progress alongside larger corporations. Through collaboration with Petronas, RHB aims to provide credible sustainable and transition financing to help OGSE vendors enhance resilience and capture emerging opportunities.

RHB expressed that the SVFP signifies a mutual commitment to promoting a fair energy transition. The programme recognizes that vendors have varying starting points and transition capacities, ensuring that financial support is responsive and effective across the OGSE value chain. Eligible vendors enrolled in the PSSP may gain access to tailored sustainable financing under the SVFP, which is designed to support operational growth and business continuity while encouraging stronger environmental, social, and governance practices.