RHB, Petronas Launch Sustainable Vendor Financing for Energy Transition

RHB Bank Bhd and Petronas have forged a strategic alliance to implement the Sustainable Vendor Financing Programme (SVFP), a critical component of Petronas's Supplier Support Programme (PSSP). This landmark initiative is designed to significantly strengthen the resilience, competitiveness, and sustainability preparedness within Malaysia's oil and gas services and equipment (OGSE) ecosystem.

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The energy transition needs to be carried out fairly and comprehensively so that the impact is more effective, while ensuring that vendors in the entire value chain can grow in tandem with large corporations.

Angus Salim Amran, Chief Sustainability Officer of RHB Banking Group, emphasized the importance of a fair and comprehensive energy transition, ensuring that vendors across the entire value chain can grow alongside major corporations. Through this partnership, RHB aims to provide credible and practical sustainable and transition financing, empowering OGSE vendors to bolster their resilience, seize new opportunities, and advance their sustainability pathways in a commercially viable manner.

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It is to enable OGSE to strengthen resilience, seize new opportunities, and advance their sustainability pathways in a commercially viable manner.

The SVFP is specifically tailored to support local OGSE vendors, with a particular focus on small and medium enterprises (SMEs). It assists them in adapting to the rapidly evolving demands of the energy transition, while simultaneously generating economic value, creating employment, and enhancing the industry's technical capabilities. This initiative is directly in line with the National Energy Transition Roadmap (NETR), which underscores the necessity of mobilizing financing, strengthening domestic industry capacity, and implementing an inclusive transition to balance sustainability goals with economic growth.

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This initiative is also in line with the National Energy Transition Roadmap (NETR), which emphasizes the importance of financing mobilization, strengthening domestic industry capacity, and implementing a more inclusive transition to ensure a balance between sustainability agendas and economic growth.

Malaysia's OGSE sector plays a pivotal role in national energy security and industrial development. As the global energy landscape shifts, ensuring the continued resilience and competitiveness of local vendors is paramount. This allows them to participate in growth opportunities related to the transition to lower-carbon energy sources, thereby maintaining long-term economic value. The SVFP reflects a shared commitment by RHB and Petronas to foster a just and orderly energy transition, recognizing the diverse starting points and capabilities of vendors. It ensures responsive, balanced, and impactful financial support throughout the OGSE value chain.

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The SVFP reflects the joint commitment of RHB and Petronas to advancing a fair and orderly energy transition by recognizing that vendors have different starting points and transition capabilities and aims to ensure responsive, balanced, and impactful financial support across the OGSE value chain.