Head of Global Network and Business Support
Qatar Petrochemical Company (QAPCO) Q.S.C.
Total years of experience :14 years, 10 Months
Looking after all the Financial, Governance, Risk and Compliance Matters of 28 Global Marketing Offices across 21 Countries in GCC, Middle East, SEA & Pacific, Far East, Africa, Indian Subcontinent and Eurasia. Main responsibilities include:
• Setting up and maintenance of Accounting System in compliance with local laws and International Financial Reporting Standards (IFRS)
• Tax planning, Transfer Pricing Exposure and Tax Compliance of the Global Offices
• Planning, Forecasting and Budgeting of operational expenses
• Managing Audits of all the financial activities of the offices in compliance with local and International Standards
• Monitoring & Controlling of payments of Operational Expenses as against the budget
• Managing all HR and Administrative matters of 28 Offices as an additional charge
• Risk Specialist of Marketing and Global Network
• Compiles and prepares Group KPI data and monitors effectiveness and recommends the improvements to line manager
Project managed the migration of business from existing Global Network to new Global Network of a company as part of restructuring within the Petrochemical Industry of Qatar
• Being Chief Audit Executive supervising 20 people including professionals (CAs, Engineers & MBAs)
• Reporting directly to Board Audit Committee and administratively to MD & CEO
• Managing Internal Audit Department of Associate M/s Asia Petroleum Limited
• Managing audits of all departments based on Governance, Risk and Compliance methodology
• Evaluating the company’s compliance with applicable laws and regulations and adherence to the Company’s objectives, plans, policies and procedures;
• Appraising the reliability and authenticity of financial reporting in compliance with IFRS
• Reviewed the reliability of management and financial information system
• Ascertained the adequacy of controls for safeguarding Company’s assets
• Using fully automated TEAMMATE / ACL Audit Softwares for all Audits
• Identifying & advising opportunities for cost reduction and profit improvement
• Conducted special examinations or investigative assignments at the request of management/Board Audit Committee.
• Reviewing contracts, SOPs and other agreements
• Submitting annual audit planning memorandum to the Board Audit Committee for its review and approval.
Being Head of department responsible for:
• Managing agreements with all refineries for payment of POL procurement, the pricing of POL products, stock valuation of POL products to the tune of Rs.30 billion ($480m).
• Preparing Gross Profit analysis product-wise for management reporting purposes
• Managing the overall financial matters at depots/installation across the country (35 locations)
• Managing the import clearance, Custom & Excise of POL & other products, all Sales tax matters, corporate tax matters including tax computation, tax payments/refunds/advance tax
• Participation in various in-house committees like BP/Castrol Joint Venture Negotiation Committee, product loss/gain Committee, Pricing of POL product Committee, Project evaluation of new business ventures, Executive Committee of PSO
Being Head of Department was leading a team of 70 people (including CA & MBAs) and responsible for:
• Handling of US$ 2 billion annual import of finished Petroleum Products, with substantial dealing with foreign fuel oil suppliers and banks; compliance of International Trade Practices UCP 600. Managing L/Cs and Letter of guarantees, arrangement of credit facilities at competitive rates. Managed relationship with 18 banks for credit facilities of around Rs. 20 billion (US$ 330 million), Dollar rate tracking for inward / outward remittances & export proceeds.
• Arranged foreign currency loans from Islamic Development Bank (IDB) of US$ 200 million, Citibank Bahrain loan US$ 150 million, National Bank of Pakistan - Bahrain loan of US$ 100 million.
• Managed money market operations for lending and placements of funds, projected cash flows, bank reconciliation of 18 banks, collection of funds to the tune of US$ 4.8 billion (Rs. 300 billion) annually from 32 location across the country through various Cash Management arrangements with local and foreign banks.
• Managed exposure of Company’s Assets of around US$ 172 million (Rs. 10.0 billion) by dealing with insurance companies, managed marine insurance of POL product import of around US$ 2 billion.
• Introduced the concept of Enterprise Risk Management (ERM) in the company and formulated the implementation strategy.
• Managed evaluation of credit worthiness of customers, monitoring of credit limits of all business lines, follow-up on recovery of receivables, preparation of age analysis of trade debtors of Rs. 15 billion (around US$ 250m) and billing to customers.
• Being active member of Online Order Management System Team who designed first B2B online ordering system in Pakistan, the system enabled PSO dealers to place order through web application and settle their payments through special online banking arrangements.