Managing Financial Reporting, MIS, Taxation, Group Consolidation, Business Valuation, A&M Transactions, Product Accounting, Budgeting

Pak Arab Refinery Limited (PARCO) is a fully integrated largest Oil Refinery and one of the largest energy company in Pakistan with the business of Refining, Transportation and Marketing. A Joint Venture between Government of Pakistan and the Emirate of Abu Dhabi.Reporting to the Audit Committee of Board of Directors & Managing Director and Secretary to the Board Audit Committee and member of the Company’s Executive Committee

Managed all financial, governance, risk, human resources, administrative and compliance matters of 28 Global Marketing Offices across 21 countries in GCC, Middle East, SEA & Pacific, Far East, Africa, Indian Subcontinent and Eurasia.Improved company-wide accounting system in compliance with local laws and International Financial Reporting Standards (IFRS).Managed taxes, transfer pricing, PE exposure and tax compliance of the global offices.Planned, forecasted and budgeted operational expenses, monitoring monthly variance reports to ensure all expense remained within budget. Project managed successfully, the migration of business from existing Global Network of QAPCO to a new Global Network of a company as part of restructuring within the Petrochemical Industry of Qatar.

Acted as Chief of Internal Audit, and managed independent audits of all departments based on governance, risk, controls and compliance methodology by evaluating the company’s compliance with applicable laws and regulations and adherence to the company’s objectives, plans, policies and procedures, ascertaining the adequacy of controls for safeguarding company’s assets. Assessed the reliability and authenticity of financial reporting in compliance with IFRS.  Improved overall control environment, risk management and governance structure. Used fully automated TEAMMATE/ACL Audit Software. Conducted special examinations and investigative assignments at the request of management/Board Audit Committee.

Coordinated and secured agreements with all refineries for payment of POL procurement and managed the pricing of POL products, Gross Profit analysis product-wise MIS, stock valuation of POL products of multi-billion rupees.Managed the overall financial matters at depots and installation across the country (35 locations), inducing import clearance, Custom & Excise matters, Sales Tax, Corporate Tax including tax computation, tax payments, refunds and advance tax.Managed multi-billion dollar treasury operation of import and purchase, and sale of finished petroleum products, with substantial dealing with foreign fuel oil suppliers and banks. Managed L/Cs and letter of guarantees. Arranged credit facilities in local and foreign currency and managed dollar rate tracking for inward / outward remittances and export proceeds of Aviation & Bunker sales. Oversaw money market operations for lending and placements of funds, prepared projected cash flows, bank reconciliation of banks, handled multi-billion dollar in collection of funds annually from 32 locations across the country through various Cash Management arrangements. Handled insurance of company’s assets. Led Credit Control/Billing Department, handling 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 and billing to customers.