RHB Bank Berhad and PETRONAS have signed a Memorandum of Understanding (MoU) to roll out a Sustainable Vendor Financing Programme (SVFP), aimed at strengthening Malaysia’s Oil & Gas Services and Equipment (OGSE) sector as it navigates the energy transition.
The SVFP forms a key pillar under PETRONAS’ Supplier Support Programme (PSSP) and is designed to enhance the resilience, competitiveness and sustainability readiness of Malaysian OGSE vendors—particularly small and medium enterprises (SMEs). The initiative comes as industry players face increasing pressure to align with global low-carbon and sustainability requirements.
The programme also supports the ambitions of Malaysia’s National Energy Transition Roadmap (NETR), which prioritises financing mobilisation, domestic industrial capacity building and an inclusive transition that balances environmental goals with economic growth.
RHB’s Group Chief Sustainability Officer, Angus Salim Amran, emphasised the importance of inclusivity in the transition. “Energy transition must be just to be impactful. It is essential that vendors across the value chain progress alongside larger corporates,” he said, adding that the collaboration aims to deliver practical and commercially viable financing solutions.
Malaysia’s OGSE sector remains a critical backbone of national energy security and industrial development. As the global energy landscape shifts, ensuring local vendors remain competitive and resilient will be key to unlocking opportunities in low-carbon and transition-related sectors.
Under the SVFP, eligible vendors within the PSSP ecosystem will gain access to tailored sustainable financing solutions. These are structured to support both business continuity and measurable sustainability improvements, while encouraging stronger environmental, social and governance (ESG) practices.
RHB will apply its Sustainable and Transition Finance Framework (STFF) to align financing with vendors’ varying levels of transition readiness. This approach aims to ensure that funding is both practical and outcome-driven, supporting emissions reduction, operational efficiency and long-term value creation.
The initiative reflects a shared commitment by both organisations to enable a just and orderly energy transition, recognising that vendors across the value chain face differing capacities and starting points.
“By aligning financing with vendors’ real transition capacities, we are not only supporting ESG adoption, but also reinforcing energy security and helping Malaysian OGSE companies remain competitive in a rapidly changing global environment,” Angus added.