A meeting of the financial departments at the sector to discuss the topics that will overcome difficulties and solve the problems facing the oil sector
A meeting was held on Sunday, March 13, 2022 under the guidance of the Chairman of the Board of Directors of the NOC, and at the invitation of Mr. Naeem Al Gharyani, General Manager of Finance of NOC, in the presence of Mr. Taher Al-Ashkhm, Manager of internal audit department of the NOC, Managers of Departments of the General Department of Finance, Chairmans of the Asset Disposal Committee, Members of the Management Committees for Finance and Management, and Directors of Financial Management of sector companies, to discuss topics that will overcome difficulties and solve the problems facing the oil sector and gas, including:
First: The side of the General Administration of Finance:
Preparing and referring the required reports from the financial departments of the companies to the general department of finance of the institution as required and in a timely manner.
• Take objectivity in preparing the proposed plans and programs under the critical financial conditions suffered by the oil and gas sector due to the lack of allocation of sufficient funds to the oil sector and the need to rationalize spending in order to ensure the safety of all workers and the safety of operations in all fields and oil ports and ensure the conduct of operational operations and the preservation of assets, property and surface facilities.
• Continue to communicate continuously between the financial departments of the sector companies with the General Department of Finance of the National Oil Corporation in order to overcome all difficulties and obstacles.
• Keep up with modern technologies in the field of financial systems and update them in accordance with the global regulations used in the field of oil and gas.
• Focus on team spirit in working to get the best results.
Second: Internal Audit Management Aspect:
During the meeting, the important role of the internal audit department of companies was noted.
The Manager of the Internal Audit Department stressed the need to comply with the directives of the Chairman of the Board of Directors in the meeting held on March 3, 2022 with the heads of all committees and boards of directors of all companies of the National Oil Corporation and in the presence of the Manager of the Audit Department, Pointing out the need for the Internal Audit Department to examine all processes related to the activities of companies and entities that result in arranging commitment or payment of extracts and certification in advance with the modification of the structures the organization of audit departments to include pre-examination and audit activities as well as subsequent audit and reporting activities.
The Manager of the audit department of the National Oil Corporation also noted the need to maintain the independence of internal review and that part of it falls on the manager and members of the internal review, through the quality of the results of the work carried out by it or the decisions on which it was built in the sense that the internal audit department should take care of the most important elements then the important and be covered distinctively for all activities.
In conclusion, Mr. Naeem Al Gharyani, the General Manager of Finance, thanked all those present for meeting the invitation and stressed that such meetings, which will be held periodically, will contribute to raising the level of work of the sector and reaching optimal solutions to the problems and obstacles facing the financial departments of the sector companies.
