BETA This is a new service – your feedback will help us to improve it.

PETROFAC (MALAYSIA-PM 304) LIMITED

Company number: 03418736

Reporting period:
1 July 2021 to 31 December 2021

---

This information is as reported by the business, and responses are in their own words.

This report was filed on 27 January 2022

and approved by Pierre Tollis

Payment statistics

Average time taken to pay invoices: 38 days

Invoices paid:

• within 30 days: 33%
• in 31 to 60 days: 22%
• in 61 days or more: 45%

Invoices due but not paid within agreed terms: 100 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

60 days

Standard payment terms

Standard contractual terms for goods and services is 30 days.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

100% qualifying contracts are Intercompany

Dispute resolution process

Dispute normally arises when there is insufficient document and clarification provided. The main point of contact for disputes is the [Accounts Payable Team]. When an invoice is disputed, the supplier will receive invoice rejection notification indicating the invoice number and reason for rejection. To resolve a dispute, the supplier is required to provide any missing information or a corrected invoice. Petrofac Malaysia- PM304 Limited requires an approved Purchase/Service Order/CTR follows any payment can be made. The PO/SO/CTR Number is communicated to the supplier at the time of placing the order.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No