KUALA LUMPUR: AmBank Group has granted RM300 million in financing facilities to Uzma Engineering Sdn Bhd (UESB), a wholly owned subsidiary of Uzma Bhd, a leading energy and technology solutions provider.
The financing supports key contracts awarded by Petronas Carigali Sdn Bhd (PCSB), the oil and gas exploration and production subsidiary of Petroliam Nasional Bhd (Petronas).
These include the provision of hydraulic workover and plug and abandonment operations(Package A: 340K HWU Rig and Package B: 460K HWU Rig), awarded in May 2023.
The financing also supports contract extension for the leasing, operation, and maintenance of the water injection facility for PCSB awarded in October
2022.
“We are very pleased to be supporting Uzma, a key service provider to PCSB and Petronas in their climate change transition towards generating sustainable energy which strategically aligns with the National Energy Transition Roadmap.
“This strategic collaboration is aimed at supporting essential operating expenditures for contracts that drive efficiency and innovation in our national oil and gas sector and align with our shared vision for a more sustainable future.
“Responsible financing is pivotal in fostering sustainable operations across industries, and this initiative exemplifies our commitment to being at the forefront of environmental stewardship while supporting economic growth,” AmBank Group chief executive officer Jamie Ling said in a statement.
Uzma stands at the forefront as a key beneficiary of Petronas Activity Outlook 2024-26 report.
With anticipated increased upstream activities by Petronas, the outlook remains positive for upstream service providers like Uzma.
Uzma has also positioned itself as a competitive solutions provider, leveraging ongoing energy transition efforts to drive sustainable growth.
AmBank Group managing director of business banking Christopher Yap said in alignment with AmBank’s dedication to promoting sustainable practices, this financing arrangement with UESB is a testament to the bank’s proactive approach to supporting its clients through responsible banking practices.
“By backing UESB’s endeavours to enhance operational efficiencies and reduce environmental impact within the oil and gas sector, we are not just investing in the future of business, but also in the future of our planet.
“This initiative underscores our belief in the power of partnership and innovation to drive meaningful progress towards sustainability goals.
“We are excited to play a pivotal role in facilitating these critical advancements, demonstrating our ongoing commitment to contributing positively to our community and the environment,” he said.
Uzma group chief executive officer Datuk Kamarul Redzuan Muhamed said this financing agreement underscores AmBank’s confidence in Uzma’s capabilities and strategic position in the industry.
“Dedicated to advancing the energy landscape, Uzma values AmBank Group’s unwavering commitment to supporting the energy sector.
“With this financing in place, we are poised to deliver on our promises, driving sustainable solutions with low-carbon footprint and contributing to the nation’s energy security,” he said.
This financing facility from AmBank Group reflects a shared commitment to driving growth and innovation in the energy sector.
Uzma looks forward to leveraging this support to strengthen further its position as a leading solutions provider in the industry.
