Finance Manager (CFO)
Yemen LNG
Total years of experience :31 years, 0 Months
Lead the Finance, Information Systems and Telecommunications (IST), Contracts and Procurement, and Compliance
with direct reporting to the General Manager (CEO). My role involves interactions and direct exposure to key
stakeholders, including board members, shareholders representatives, Ministers, and top-ranking officials at the ministries
and government institutions, seniors of big 4 audit firms, senior bankers and lenders, Insurance brokers and underwriters,
external legal counsels, suppliers, and customers. Deputize for the GM when he is away from the office.
Annual Turnover: US$3bn, Annual Budget: US$500m
Direct reports:10 (Finance: 4, C&P: 4, IST: 1, Compliance: 1)
Main achievements:
Three cycles of successful complex restructuring of project financing loans worth US$1.4bn involving international banks, and Export Credit Agencies.
Actively participated and advised the General Manager and commercial department in restructuring and negotiating of four Time Charter Party Agreements (LNG vessels) with international ship owners (annual contract amount worth US$100m/year).
Successfully implemented digital transformation in budgeting, contracts and procurement processes, logistics and import of materials, payables, and compliance. This has improved the efficiency of the company’s operations, minimized disruptions and financial losses, and avoided compliance risks. Direct savings of S$200k/year.
Implemented different cost optimization and reduction strategies during financial distress time, reducing the cash burn rate to $30m/year compared with $120m/year.
Close support and advisory to the general management, shareholders committee, and the Board of directors for strategic decisions concerning major contracts, restart operations, project long term planning, and cashflows.
Comprehensive reviews of upstream operating cost budget allocation resulted in savings of more than $50m during a period of 5 years.
Effective implementation of a robust compliance program covering areas of conflict of interest, dealings with the suppliers and contractors, KYC checks, monitoring of sanctions, and compliance alerts.
Improved competitiveness and transparency by reinforcing sourcing methodologies, contracts, and procurement rules. Direct financial savings worth $100k/year.
Coached and developed local resources to take supervisory and managerial positions, including female employees.
Seconded by Yemen LNG to attend a familiarization and an on-job-training program at TotalEnergies HQ in Paris (France)
and Aberdeen (UK). In both companies, I had the opportunity to enhance my skills and experience in different Oil and Gas
business areas including Accounting, IFRS and Reporting, Consolidation, Compliance and Governance, IT, SAP, and internal
audit.
Directly led the Treasury and SAP Support departments in addition to providing day-to-day support and assistance to the
Finance Manager and the General Management team and deputize for the CFO when he is away from the office.
Directly managed the corporate treasury operations including management of dividends and distributions to shareholders,
administration of onshore and offshore bank accounts, administration of $2.7bn project financing and reporting to lenders.
Main achievements:
Conducted a series of workshops about the project economies to top government officials (Ministers and senior government officials) to continue to get government support and raise awareness about the importance of the project to the national economy of Yemen following major changes in the political system.
Developed a robust cash flow forecasting model during the transition from the project phase to the operations phase.
Negotiated with the onshore bank a reduction of facility margins from 15% to 10% resulting in an annual improvement of working capital by $300k and a reduction of the commission on bank guarantees by 1% (US$36k/annually).
Led discussions and implemented a mechanism with the Tax Authority for sales tax refunds (US$300k/year).
Led the SAP upgrade project from version 4.6C to ECC6.
Successful implemented digitalization of AP invoices with full integration with SAP.
Coached and developed local resources to take supervisory positions in SAP Support, Treasury, and other sections in the Finance department.
-In charge of the accounting section, including AP, AR, and General Accounting (GL and Fixed Assets).
Main achievements:
Established the accounting function from scratch, including recruitment of all accounting staff at all levels.
FI/CO Lead user and member of the project steering committee in the implementation of the ERP system (SAP).
Led monthly, quarterly, and annual financial closing.
Coordinated and managed different audits, e.g., external statutory audits, shareholders audits & government/cost recovery compliance audits.
Coached and developed local resources to take supervisory positions of Accounting Supervisor, AR Supervisor, and AP Supervisor.
Yemen International Telecommunications Co. (TeleYemen) was a joint venture between Cable and Wireless PLC.
(UK) and Public Telecommunication Corporation (PTC). Effective January 2004, France Telecom operated TeleYemen
until the end of 2010.
Annual turnover: US$200m
Total number of employees: 400
Direct reports 4, Number of finance Staff 25.
I held different roles throughout my career with TeleYemen. The last position was Revenue and Accounting Manager,
with the following responsibilities:
Led the finance department: International & Local Revenue Accounting, Financial and Management Accounting, Financial Reporting, Budgeting, Accounts Payables, Account Receivables, Fixed Assets, Treasury, Taxation, and Payroll.
Deputized for the CFO during his absence. The delegation covered other departments in the Finance division, namely Contracts & Procurement, Information Systems, and HR & Administration.
Main Achievements:
Improved annual revenue by 1.5% (US$3m) through comprehensive process review and revenue assurance techniques.
Led from the company’s side, along with a team from PWC and KPMG, the due diligence for the sale and purchase agreement of the equity shares of the lead shareholder Cable &Wireless PLC UK to the PTC.
Successfully negotiated improved financial terms for joining the Flag International sea-cable project with a budget of $40m.
Resolved long-outstanding billing and traffic disputes worth US$5m with major international telecom carriers and $2m with the GSM operators.
Initiated a reorganization of the Finance department in coordination with the CFO and development of the general planning for implementing a new ERP.
Member of the Chartered Professional Accountants - BC - Candana
MAB - Financial Management
Fellow of the Association of Chartered Certified Accountants ACCA (UK)