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Saturday, February 27, 2016
Finance Affairs Directorate  
 
History 
 
After the victory of the Islamic Revolution in 1979 and the annulment of the Consortium Agreement, Directorate for Finance Affairs of this company was established with a new structure to meet the needs of all NIOC’s in-house organizations and subsidiaries.
 
Mission
 
Effective and efficient management of financial resources in conformity with the objectives of NIOC so as to generate value for the company
Registration of financial effects of all transactions and financial operations in legal offices based on relevant regulations
 
Objectives
 
·        Management of capital structure through making policies on providing investment costs and working capital
·        Decision-making about long-term investment policies
·        Providing the necessary finance for long-term investments and commitments
·        Effective management of assets through capital budgeting
·        Designing control mechanisms and systems
·        Registration of financial operations and preparing financial statement
 
Field of Activity
 
Definition of Financial Regulations and Methods
 
The main task assigned to this directorate is to define financial methods and regulations, promulgate financial instructions, bylaws and directives to all financial sections of the NIOC, accurate operation of all Internet systems and resolving possible problems through IT Directorate. The fields of activity consist of budgeting methods, financial methods, commodity transportation methods, payment methods, development of financial systems.
 
Central Accounting
 
This section consists of oil accounting, financial accounting, treasury, auditing and payments. It handles the company’s payments and receipts in rials and hard currency, pays salaries, calculates revenues, calculates crude oil and other equipment costs, records revenues, costs and debts, prepares principle and consolidated financial statements, holds banking guarantees, opens letters of credit and handles the necessary permits.
 
Oil Contracts Financial Affairs
 
This section is comprised of five subsections dealing with crude oil, oil products and gas condensate, sales, finance, foreign participation and buy-backs.
-         Reviewing and executing contracts for selling crude oil, oil products and condensates, controlling loading and transportation documents, taking banking guarantees from crude oil buyers, issuing sale invoices, following up on reimbursements within the framework of minor and major regulations
-         Offering secure approaches for receiving payments for oil products and gas condensate under sanction conditions and responsibility to monitoring organs
 
The accounting unit is responsible for all operations pertaining to the registration of sales and payments of crude oil, gas condensate and other oil products.
 
The unit in charge of foreign participation and buy-back is mainly tasked with reviewing buy-back contracts and other financing contracts for conformity with the law, settlement with contractors and beneficiaries to buy-backs including Ministry of Finance and finally reporting to relevant authorities.
 
Budgeting and Costs Control
 
a.     Activity: Budgeting for NIOC and its subsidiaries, allocation of resources to subsidiaries, controlling mobile and immobile assets of NIOC as well as immobile assets of production companies, reporting to watchdogs (State Inspectorate and Auditing Organization)
b.     Units: Allocation of resources, consolidated budgeting, control of assets, capital expenditure control, current expenditure control, budget reports
Address: Room 1217, 12th floor, NIOC First Central Building, Hfaez Crossing Taleghani Ave.
Tel.: +98 2161623990    +98 2161623338   
Fax: +98 2188943404     +98 2188942619
Email: movahedzadeh@nioc.ir
 
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