Financial Services Department
The Financial Department carries out analyses of economic and financial developments of direct or indirect relevance to the trading of crude oil,
gas and refined products. It deals with the presentation of financial statements including trail balance,
Income and Expenditures, profit and loss account and Balance Sheet for NICO holding and service company.
It also provides analyses and projections of financial activity, trade and payment balances.
The department is concerned, inter alia, with monitoring international
monetary and financial developments, accounting for the physical and hedging activities.
This department is responsible for all financial and trading activities related to sales and purchases of crude oil,
natural gas, and refined products, receiving and recording monthly nominations. Additionally, responsible for opening and making
amendments to L/Cs, to make sure that L/Cs are opened on time and are in strict compliance with contractual terms and conditions.
To check regularly to make sure that credit is available in bank.
Furthermore, the department is responsible for handling of all the invoices related to local procurement, engineering,
services, budget requests, and reimbursement costs, commission constructions, receiving cash calls and bridging loan requests
through NICO projects and the reflection of all receive and payments in accounting. The department consists of two sections,
Letter of Credit and Accounting. The functions and responsibilities of each section are explained below.
Documentary Credit/CAD Payments Services Section
The Section is principally engaged in instructing banks to open L/Cs, requesting amendments to currently opened L/Cs
when deemed necessary and preparing telexes, hard copy invoices and other documents.
To make sure the L/Cs are opened in favour of the company and payments for the invoices are made or received within the contractual time limits.
Receiving and recording monthly nominations, making ensure L/Cs are opened on time and are in strict compliance with contractual
terms and conditions. To make sure credit is available in bank. Additionally L/C opened by purchaser should reach the company
at the latest, one week before the laycan period.
In addition to crude oil, natural gas and refined products trading, the L/C section is responsible to open appropriate
L/Cs for projects procurement, engineering, constructions and services. Making sure Instruction to banks for payments to NICO contractor
invoices are issued on time.
Accounting Services Section
The section co-operates on the daily basis with Marketing and Operation Department, Treasury and Finance Services
Department and Letter of Credit Section, and for the smooth handling of the companys finance and trading.
It also deals with the recording of all financial transactions leading to the preparation of trail balance,
Income and Expenditures, profit and loss account and finally Balance Sheet for both NICO holding and service company.
All transactions are recorded in the subsidiary books of accounts and then their respective control totals are automatically
reflected in the general ledgers.
The Section task is also to bring to light the financial status of the company in respect of liabilities,
cash and various banking transactions and incomes and expenditures etc.
Accounting Section deals with controlling the financial, management accounting and taxation procedures for the NICO
and Service Company, liaises with the internal and external auditors. Preparing yearly financial report for NICO
following accounting principles, policies and procedures set forth by the International Accounting Body and Swiss accounting
standard for the Lausanne service company.
For the projects accounting purposes, all advance payments to contractors, cash against documents, invoices and L/C opening
and other sort of payments are arranged by Letter of credit section subject to the accounting section checking and approvals.
All invoices received by accounting are checked to ensure that, they strictly correspond to the contract purchase
order ceilings and contractual rate and terms, and then the payment authorization is issued and passed to L/C section for payment instructions.