RHB Bank Berhad and PETRONAS have entered into a memorandum of understanding (MoU) to implement a Sustainable Vendor Financing Programme (SVFP), targeting Malaysian oil and gas services and equipment (OGSE) vendors, particularly small and medium enterprises. The programme forms part of the PETRONAS Supplier Support Programme (PSSP) and is intended to extend financing to vendors aligned with Malaysia's National Energy Transition Roadmap (NETR).

The SVFP is structured to provide tailored financing to OGSE vendors enrolled in the PSSP, supporting operational growth, business continuity and measurable sustainability improvements. RHB's Sustainable and Transition Finance Framework (STFF) will be applied in alignment with vendors' transition readiness, with financing tied to progress on emissions reduction, business efficiency and long-term value creation.

Financing tied to transition capacity

The programme acknowledges that vendors enter the energy transition at different stages and with varying financial and technical capacity. Financing under the SVFP is designed to be responsive to those differences, aiming to make support proportionate and practical across the OGSE value chain rather than applying uniform criteria.

Angus Salim Amran, group chief sustainability officer of RHB Banking group, said: "Energy transition must be just to be impactful. 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."

Malaysia's OGSE sector is considered critical to national energy security and industrial development. As the global energy landscape evolves, ensuring the continued resilience and competitiveness of local vendors is central to enabling their participation in transition-related and low-carbon growth opportunities, while preserving long-term economic value.

Alignment with national energy policy

The SVFP aligns with Malaysia's NETR, which emphasises the mobilisation of financing, strengthening of domestic industrial capacity and enabling of an inclusive transition pathway that balances sustainability targets with economic development. The programme reflects a stated commitment by both RHB and PETRONAS to support an orderly transition that does not leave smaller vendors behind.

RHB Banking group is one of Malaysia's leading financial institutions, headquartered in Kuala Lumpur with operations across seven ASEAN markets and approximately 13,000 employees. The group is listed on Bursa Malaysia with a market capitalisation of MYR35.9 billion ($8.1 billion) as at 28 April 2026. Its core businesses span community banking, corporate and business banking, wholesale banking, Shariah business, international business and insurance.

Re-disseminated by The Asian Banker