Vice President Finance
Salalah, Oman
Job Description
Job title
Vice President Finance - Salalah Cluster
Grade
10
Stream
Commercial & Downstream
Function
OQ Salalah Cluster - Finance
Location
Oman – Salalah
Budget control
OPEX and or CAPEX and/or Revenue amount as relevant
Reporting to
Managing Director OQ Salalah Cluster
Direct Reports
4
Job purpose
Under the Managing Director of OQ Salalah Cluster, and with close alignment with the OQ group Chief Executive Finance, the VP Finance OQ Salalah Cluster is responsible for leading the financial strategy, finance operating model and finance resources at OQ Salalah Cluster - Methanol, Ammonia, LPG, ensuring the most appropriate finance compliance across its jurisdictions.
- As member of the OQ Salalah Cluster Executive Leadership Team, the VP Finance will drive the financial agenda of the OQ Salalah Cluster business turnaround and readiness for future strategic partnerships.
- Main duties include: 1. Lead the development and the implementation of the financial strategies, processes, and controls to be followed by the Salalah Cluster to achieve business strategic objectives, 2. Exercise effective and transparent corporate governance of finances processes and alert simultaneously the MD Salalah Cluster, Finance - Corporate, SBU, on key business decisions which impact the long term business growth and profitability, and or any unlawful practices, 3. Develop and nurture good professional relations with banks, other sources of funding, related government ministries and shareholders in general; in order to ensure that OQ Salalah Cluster’s financial interests & services are attended efficiently and effectively, 4. contribute towards designing and establishing OQ Salalah Cluster holding company structure and, 5. Finance leader of the potential IPO or divestment programme in alignment with the Corporate - SBU and manage all internal and external stakeholders in this process.
The position will act in accordance with the Group’s Mission, Vision, Values & Strategies, as well as, policies, guidelines, operational efficiency standards; supported by the following platform: IT System platform, HSE People, Technology and Culture and Change Management standards, Audits, Omani’s government & other legal justification’s, and best international practices in consonance with national objectives.
Main tasks and responsibilities
- Strategy:
- Responsible for the financial statements - Profit & Loss - including the management of OPEX, CAPEX, cashflows, EBTIDA and Net Profits.
- Responsible to track cash flow, analysing strengths and weaknesses to propose corrective action plans when necessary and prepare accurate forecasts so that management can make informed decisions about future investments or cuts.
- Participates and contribute with the development and refining Salalah Cluster vision, strategy and direction of the Asset, as well as, the Vision of Finance - Corporate or SBU, in order to ensure that the organizations - Salalah Cluster and Finance can be able to maximize the short-, medium- and long-term profitability and returns to shareholders.
- Work together with the SBU and Corporate Governance to design and establish OQ Salalah Cluster holding company structure, including assessing any funding restructuring required to enable the structure
- Finance Leader of the potential IPO or divestment programme in alignment with the Corporate or SBU and manage all internal and external stakeholders in this process
- Provides forward looking financial advice based on insight into internal financial performance and external market.
- Consolidates budget and business plans at Salalah Cluster, for approval by SBU or corporate and subsequently by the board.
- Contribute towards the formulation and implementation of Salalah Cluster business objectives and strategic plans, which enable the achievement of Salalah Cluster mission and objectives.
- Define the short and long-term strategy for Finance Salalah Cluster and translate it into business plans with objectives and performance indicators to measure success in support the achievement of the OQ Group's vision and strategic objectives.
- The Vice President Finance Salalah Cluster acts as:
- MD’s Strategic Business partner, to solve all the economic & forecasting modelling aspects related with the Salalah Cluster business and the discussion or review of all major projects and Salalah Cluster’s financials risk.
- Owner of the financial standards, processes, policies & procedures, of Finance controlling, Treasury, Financial Risks Management, Financial Planning and Analysis, Credit Management and Business Finance.
- Permanent member of Salalah Cluster Executive Committee.
- Permanent member of OQ Finance - Corporate or SBU committee.
- Commercial partner for the development and nurture good professional relations with banks, other sources of funding, related government ministries and shareholders.
- Direct focal point with the Joint Management Committee, headed and regulated by MoEM for the LPG business.
- Role model in practicing OQ values and in ethical decision-making.
- Inspirational leader and executive coach for senior Management for main financial processes and ethical principles,
- Under direct alignment with OQ Corporate Finance & SBU Commercial & Downstream, the VP Finance Salalah Cluster is responsible for leading the following areas or processes:
- Finance Control: Direct and oversees this process at Salalah Cluster , by providing strategic directives and guidelines related with:
- Financial Statements: in compliance with IFRS,
- Budgetary Controlling,
- Credit Management,
- Financial Accounting Operations
- Enterprise – Governance and Internal Control, including the Manual of Authorities
- Financial Risk
- TAX Services
- Treasury: Forecasts and manages the cash flows, to validate and support business requirements, ensuring the required funds meet the short, medium and long-term cash requirements. Develop and review hedging strategies in coordination with Corporate to minimize currency exposure and deploy additional funds in appropriate financial instruments to generate higher returns for the organization. Directing the treasury operations and assigned team including the following processes:
- Financial affairs,
- Investments,
- Corporate liquidity,
- Production of necessary financial reports or returns,
- Financial risk management and Insurance
- Budgets, Plans and Business Support:
- Establish the short and long-term strategy for Finance and translate it into business plans with objectives and performance indicators to measure success in support the achievement of the Salalah Cluster’s vision and strategic objectives.
- Directs and oversees, the preparation and building of annual budget and five years Business Plan for Salalah Cluster
- Monitor the financial performance versus the budget, in order to identify:
- Anticipated costs or revenues,
- Areas of unsatisfactory performance,
- To propose potential performance improvements opportunities.
- Ensures Salalah Cluster has the resources - financing, cash, risk mitigation - to successfully conduct their business,
- Strong support provided to business operations in terms of detailed analysis and insights into areas like, but not limited to, Opex, Capex and Gross Margin reporting
- Advise on long-term business and financial planning
- Implement projects or initiatives to achieve their goals in the most cost effective and efficient manner.
- Procurement:
- Establish the short and long-term strategy for Procurement, Contracts and Inventory initiatives, processes, KPI and performance,
- Team in-line with OQ’s policies & procedures related with sourcing, procurement, contracts, warehouse & inventory, including the direction and the evaluating processes of procurement’s commercial aspects, as well as, the direction on complex negotiation & decisions on price and terms.
- Procurement and Logistics - material and services
- Materials inventory
- Warehouse operations
- Contracts,
- Logistics and purchase
- Local Supplier development and supplier relations - emphasis in ICV
- Stakeholders and interaction with OQ Corporate Finance and SBU Commercial & Downstream:
- For the development of short and long-term strategies by providing financial insight and translate it into business plans.
- To Lead the IPO or divestment programme under the guidance of Corporate for Salalah Cluster
- To define the Key objectives and performance indicators to measure success and manage performance at Salalah Cluster,
- To translate all Salalah Cluster finance issues affecting the achievement of strategic objectives and goals
- To define the strategic direction to follow regarding finance performance - investment or CAPEX or other critical matters - impacting Salalah Cluster
- For the development and enhance relationships with key stakeholders related with financial matters and key external entities such as Banks, Investment institutions, to ensure that all communications and interactions are conducted smoothly and in a timely manner.
- For the development and implementation of Finance performance, identify opportunities and problems, and recommend measures for course correction/improvement that guarantee the achievement of its short and long-term strategic objectives.
- For the development of Salalah Cluster's Finance's Organization structure, and direct the development of resources within the structure.
- To ensure all Salalah Cluster Finance’s processes and communications, are aligned with Finance - SBU or Corporate in efficient manner.
- For development and implementation of funding and investment to sustain business operations and future growth
- For financial feasibility studies of new or major project at Salalah Cluster, in order to assure that those projects are in line with Commercial & Downstream & OQ Group investment or business strategy.
“Key financial decisions having significant impact on OQ Salalah Cluster are referred to OQ Corporate Finance and SBU Commercial & Downstream for approval before implementation”.Key interactionsInternal: OQ Salalah Cluster, SBU Commercial and Downstream, Business Line and other members of the Business or Function, Corporate Finance, Corporate PTC, Assurance, Legal or Strategies and Transformation OfficeExternal: Government or Financial Institutions, Contractors, External Consultants and AuditorsNotable Working Conditions. Primarily office-based with occasional domestic and international travel, when needed and possibleEducation requirementsGraduate in Finance, Accounting, Economics or equivalent - RequiredPostgraduate, CIMA, ACCA, CA, CFA or MBA or equivalent - RequiredLanguageExcellent knowledge of written, read, and spoken English - required or Arabic - preferredBackground and experienceCompetencies and skills- 16+ years of relevant experience
- 5+ years in a senior management role, managing multiple teams, and leading financial operations with business partnering exposure.
- Understanding of the economics of the Refinery, Petrochemical, oil and gas, Downstream, energy industry
- Demonstrated progressive experience leading Finance fucntion in a major company or division of a large corporation.
- Having prior expereince of IPO, Carve Out - i.e. divestment and,or rasing Bond in either local or international market.
Soft:- Excellent Leadership and People Management skills to direct and develop high performing teams
- Demonstrated strategic orientation
- Capable of inspiring and leading change
- Excellent communication & Presentation skills
- Ability to clearly articulate and communicate to leadership and stakeholders as well as staff
- Ability to influence internal and external stakeholders
- Demonstrated ability to influence complex internal and external stakeholders who may have conflicting interests
Technical:- Advanced business and financial analytical skills
- Ability to conduct financial and business complex negotiation
- Knowledge of financial control, Financial Planning, Financial Performance reporting, Treasury & debts management
- Reporting requirements of local and/or internal listing boards - i.e. stock exchange in anticipation of potential IPO
- Project Finance & financial risks
- Statutory Reporting
- Accounting Principles & Standards
- Finance Strategy,
- Financial Operations & Reconciliation
- Good knowledge of IT Microsoft suit as well as SAP user for reporting only
- Procurement, Contract, Inventory
- Warehouse
- Local Supplier relations
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Job Detail
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Job IdJD1426010
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IndustryNot mentioned
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Total Positions1
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Job Type:Full Time
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Salary:Not mentioned
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Employment StatusPermanent
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Job LocationSalalah, Oman
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EducationNot mentioned