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Cem Altinova, Commercial Director & CFO

Cem Altinova

Commercial Director & CFO·BGN ENERGY HOLDING SA

United Arab Emirates

Master's degree, Executive Master of Business Administration (EMBA)

Work experience

Total years of experience: 25 years, 11 months

Commercial Director & CFO

May 2022 - Present

BGN ENERGY HOLDING SA

Dubai, United Arab Emirates

May 2022 - Present

Oil & gas upstream, midstream, downstream, renewables and EPC (ports, terminals).
• Led $1.7B+ in acquisitions, expanding market share.
• Spearheaded financial strategy, including cash flow optimization, risk
management, and investor relations.
• Negotiated high-value contracts and streamlined compliance for
international operations.
Company industry:
Oil & Gas

Commercial Director & CFO

January 2022 - Present

BGN ENERGY HOLDING SA,

Dubai, United Arab Emirates

January 2022 - Present

The company is operational in oil and gas upstream, midstream, renewable energy (solar and wind), trading, storage and transportation of petroleum, petrochemical products, and commodities businesses.

Merger & Acquisitions / Economics / Commercial / Business Development / Contracts /
Finance / Planning / Budgets / Cash Flows / Forecasts / Management Reports / Strategy
• Completed more than $1.5b worth of acquisitions.
Company industry:
Oil & Gas

Deputy General Manager

November 2021 - April 2022

CEPAS GONVARRI INDUSTRIES

Ankara, Türkiye

November 2021 - April 2022

Steel manufacturing and galvanization services.
• Oversaw finance, HR, procurement, and IT for a 200+ employee
organization.
• Implemented cost-saving initiatives, reducing operational expenses
by 15% within 6 months.
Company industry:
Energy & Renewables
Job role:
Management

Finance and Financial Afairs Deputy Director

March 2021 - November 2021

GIRISIM ELEKTRIK AS

Ankara, Türkiye

March 2021 - November 2021

One of the leading firms in manufacturing, EPC contracting and engineering in electricity and renewable energy industry listed in Istanbul Stock Exchange.

Overseas and guides all finance (incl. corporate finance, treasury, budget), tax, accounting, investor relations, controlling and IFRS reporting operations. Leads financial modelling; obtains loans and letter of credits for the projects. Supervises and schedules a staf of 15 people in support decisions. Manages Groups global investment portfolio in terms of cash flows, projections, and planning. Point of contact regarding tax and financial audits.
• Led the IPO (Initial Public Ofering on Istanbul Stock Exchange) process.
• Shortened VAT and WHT collection timings by more than 50%.
Company industry:
Electric Power Production & Transmission
Job role:
Finance and Investment

Finance and Financial Affairs Deputy Director

March 2021 - October 2021

GIRISIM ELEKTRIK AS

Ankara, Türkiye

March 2021 - October 2021

Publicly traded EPC and renewable energy firm (Istanbul Stock Exchange).
• Led the IPO process, securing $100M+ in capital and enhancing investor
confidence.
• Slashed VAT/WHT collection timelines by 50% through process
automation.
• Managed a $300M+ global investment portfolio, optimizing returns and
liquidity.
Company industry:
Electrical Engineering

Group Head of Financial Planning and Economics

October 2017 - March 2020

Genel Energy PLC

Ankara, Türkiye

October 2017 - March 2020

UK listed (FTSE) oil & gas E&P upstream firm operating in Iraq and Africa. Group Head of Financial Planning and Economics (2017-2020) Led M&As, created cash flows and projections; prepared group business planning and provided financial analysis; prepared monthly management reports, multi-year economic models and strategy reports for projects at the Group level.
• Directly participated in the M&A activities of two oil and gas fields in 2018 and 2019 and the receivable settlement of over $700m with the government in 2017.
• Prepared and presented multi-year Asset Development Plans for the two producing biggest oil assets.
Company industry:
Oil & Gas
Job role:
Finance and Investment

Group Head of Financial Planning & Economics

July 2009 - March 2020

GENEL ENERGY PLC

Ankara, Türkiye

July 2009 - March 2020

GENEL ENERGY PLC | London (UK) & Ankara (TR) | 2009/07 - 2020/03
Group Head of Financial Planning & Economics (2017-2020)
• Directed M&A for 2 oil fields and led $700M+ government receivable settlement.
• Developed 5-year asset development plans for flagship oil projects, boosting profitability.
Earlier Roles:
• Group FP&A Manager (2015-2017): Executed a $720M bond buyback, cutting interest payments by 50%. Group level preparation of budgets and forecasts. Managed policies/procedures along with finance and procurement systems’ implementations. Monitored performance, objectives and KPIs for the whole group.
• Finance Manager (2009-2015): Managed working capital and tax strategies across multiple countries. Prepared Production Sharing Contracts’ (PSC) calculations for the sharing of revenue. Directly participated in the M&A activities of the three oil and gas fields in 2012 and 2013.
Company industry:
Oil & Gas

Group Financial Planning & Analysis Manager

April 2015 - September 2017

Genel Energy plc

Ankara, Türkiye

April 2015 - September 2017

Preparation of budgets and forecasts for the oil and gas projects (Iraq PSCs and Africa) and ofices (London and Ankara). Managed working capital and finance policies/procedures together with finance and procurement systems implementations. Monitored performance, objectives and KPIs for the whole group companies.

• Directly participated in the financing of bond-buyback (initial amount of the bond was $720m) in 2016 and 2017 slashing the interest payments by half.
Company industry:
Oil & Gas
Job role:
Finance and Investment

Finance Manager

July 2009 - March 2015

Genel Energy plc

Ankara, Türkiye

July 2009 - March 2015

Managed working capital, cash flows and implemented tax strategies of multiple companies worldwide. Prepared Production Sharing Contracts (PSC) calculations of oil and gas fields for the sharing of revenue.

• Directly participated in the M&A activities of the three oil and gas fields in 2012 and 2013.
Company industry:
Oil & Gas
Job role:
Finance and Investment

Tax Manager

January 2007 - June 2009

IC Ibrahim Cecen Holding AS

Ankara, Türkiye

January 2007 - June 2009

Construction, energy, infrastructure and tourism (hotels) focused holding company providing legal and financial guidance to affiliate companies with more than 30 organizations and approximately 3, 500 staff.

Communicated regularly with affiliates via bulletins on tax laws, provided guidance on appropriate transactions and strategies on tax liability reduction. Served as subject matter expert on corporate, income, stamp and value added taxes. Controlled and approved daily accounting entries.

Accomplishments:
• Provided more than 250 informative tax and financial bulletins in 2.5 years to ensure the obligations and responsibilities of the stakeholders are secured.
• Slashed of the tax liabilities of the affiliates in total by approximately 20%.
Company industry:
Corporate Management Office
Job role:
Accounting and Auditing

Finance Manager

September 2005 - December 2006

GENESIS TECH SA

Ankara, Türkiye

September 2005 - December 2006

Hip and knee prosthesis manufacturer and importer with more than 25 employees.

Managed all aspects of finances and accounting, including cash flow and accrual projections, wire transfers, letters of credit requests and funding calculations for investment purposes. Ensured compliant finance systems and maintained reporting requirements. Evaluated policies and procedures to ensure accuracy and efficiency.

Accomplishments:
• Trained finance personnel and upgraded the system to improve accuracy and staff knowledge levels.
• Secured a loan (US$500k) with low-interest payments from one of the biggest private banks in Turkey.
Company industry:
Manufacturing
Job role:
Finance and Investment

Financial Control and Reporting Specialist

August 2004 - August 2005

Aselsan AS

Ankara, Türkiye

August 2004 - August 2005

Managed SAP R/3 Financial Accounting module deployment project for defence industry manufacturer. Prepared trial balances and income statements and posted quarterly tax declarations. Monitored tax law changes and ensured compliance. Managed investment incentives as well as the tax budget. Secured tax rulings from the Ministry of Finance that slashed approximately US$50k monthly withholding tax. Served as inflation accounting subject matter expert.
Company industry:
Military & Defense
Job role:
Accounting and Auditing

Tax Supervisor

September 1999 - July 2004

Pricewaterhousecoopers

Istanbul, Türkiye

September 1999 - July 2004

Conducted audits and provided expertise on Turkish tax law as a consultant, including income, corporate and value-added tax advice in one of the world’s biggest audit and consultancy firm. Supervised teams of up to five. Provided guidance on inflation accounting, double tax treaties, import/export regulations, transfer pricing, tax returns and the financial implications of mergers. Authored the tax bulletins and played a key role in the development of the firm’s tax website.
Company industry:
Financial Auditing
Job role:
Accounting and Auditing

Education

Middle East Technical University

June 2010

June 2010

Master's degree, Executive Master of Business Administration (EMBA)

Türkiye

GPA (point): 3.72 out of 4

GPA (point): 3.72 out of 4

Executive Master of Business Administration (EMBA)

Middle East Technical University

June 1999

June 1999

Bachelor's degree, Bachelor of Science (BSc) in Economics

Türkiye

Placed 612th in the university entrance exam out of 1.5 million people.

Skills

Project Finance
Expert
Project Finance
Expert
Budget Forecast
Expert
Budget Forecast
Expert
Business Strategy
Expert
Business Strategy
Expert
Financial Analysis
Expert
Financial Analysis
Expert
Business Valuation
Expert
Business Valuation
Expert
FINANCIAL
Expert
FINANCIAL
Expert
LEADERSHIP
Intermediate
LEADERSHIP
Intermediate
CORPORATE FINANCE
Intermediate
CORPORATE FINANCE
Intermediate
OIL AND GAS
Intermediate
OIL AND GAS
Intermediate
RENEWABLE ENERGY
Intermediate
RENEWABLE ENERGY
Intermediate
COMPOSITE MATERIALS
Intermediate
COMPOSITE MATERIALS
Intermediate
MERGERS AND ACQUISITIONS
Intermediate
MERGERS AND ACQUISITIONS
Intermediate
FINANCIAL STRATEGY
Intermediate
FINANCIAL STRATEGY
Intermediate
TEAM MANAGEMENT
Intermediate
TEAM MANAGEMENT
Intermediate
INITIAL PUBLIC OFFERING
Intermediate
INITIAL PUBLIC OFFERING
Intermediate
Mergers and Acquisitions
Expert
Mergers and Acquisitions
Expert
Investment
Expert
Investment
Expert
TAX PLANNING
Expert
TAX PLANNING
Expert
Teamwork
Expert
Teamwork
Expert
Communication
Expert
Communication
Expert
Valuation
Expert
Valuation
Expert
Excel Modelling
Expert
Excel Modelling
Expert
Contracts
Expert
Contracts
Expert
Procedures
Expert
Procedures
Expert
Budgeting and Forecasting
Expert
Budgeting and Forecasting
Expert
Project Finance
Intermediate
Project Finance
Intermediate
Fund raising
Intermediate
Fund raising
Intermediate
Management reporting
Expert
Management reporting
Expert
FINANCIAL PLANNING
Expert
FINANCIAL PLANNING
Expert
ANALYTICS
Expert
ANALYTICS
Expert
COST ESTIMATION
Expert
COST ESTIMATION
Expert
FORECASTING
Expert
FORECASTING
Expert
CASH FLOWS
Expert
CASH FLOWS
Expert
CORPORATE STRATEGY
Expert
CORPORATE STRATEGY
Expert
ACCOUNTING
Intermediate
ACCOUNTING
Intermediate

Languages

English

Expert

Turkish

Expert

German

Beginner

Spanish

Beginner

Training and Certifications

Certifications
Chartered Accountants & Financial Advisors
Certified Public Accountant (CPA)
Certified Public Accountant
May 2004