Background
The Energy Market Authority (EMA) will be centralising the procurement of natural gas under a new gas company (Gasco) to enhance the security, reliability as well as price competitiveness and stability of natural gas supply for the Singapore power sector in the energy transition to net zero (Strategic Objective). As the Gasco will be a monopoly supplier of natural gas to generation companies (gencos) in Singapore, it will be licensed and regulated by EMA.
The major activities of the Gasco include:
1) Forward supply and demand planning:
- Analyse global LNG supply and demand landscape, and provide market updates, analysis and insights to dynamics, including potential supply projects and shortlist of potential suppliers;
- Construct and manage supply portfolio, including balancing volume, to meet power sector gas demand projected by EMA;
2) Upstream procurement planning and contracting:
- Develop and administer an Open Season process in consultation with gencos for demand aggregation;
- Conduct upstream procurement tenders, and front negotiations with counter-parties;
- Execute and administer upstream contracts
3) Downstream contracting:
- Develop baseline gas sales agreements (GSAs);
- Execute and administer term and spot GSAs with gencos
4) Balancing near-term demand and supply:
- Project near-term power sector demand including gencos nominations under their respective GSAs;
- Manage upstream and downstream operations, from load-port to Singapore LNG terminal as well as to other future terminals and pipeline capacity bookings;
- Minimise overall cost of gas supply to meet power sector gas demand via utilising contractual flexibilities in the upstream contracts and trading of excess/surplus supplies in the spot market.
Position Overview
We are looking for an experienced Financial Controller for Gasco. Reporting to the Gasco's senior management, you will be part of the core startup team and play a critical role in developing and implementing financing arrangements to support Gasco's activities. As the Gasco is a new company, you will also need to develop and implement financial policies and procedures to ensure proper accounting and internal controls, including the associated financial systems.
You will be first be recruited under EMA as we are in the midst of setting up Gasco. When the Gasco is set up in 2025, you will officially be transferred to the Gasco.
What You will be Working On
Finance and Budgeting
In order to ensure the availability and sustainability of financial resources for Gasco's current and future needs:
- Help to drive Gasco's financial planning to support the Gasco's activities.
- Conduct annual and multi-year budget planning exercises to ensure resource optimisation and sustainability and alignment with strategic outcomes through active engagement with Gasco's Board, EMA, and shareholders.
- Establish internal and external financial reporting policies to meet accounting standards and reporting requirements by Board and Senior Management.
- Assist to set direction and drive cyclical review of governance and financial policies, performance measures and operations (e.g. equity/grant management, revenue collection, outsourcing to shared service, asset management) to ensure continued robustness and relevance.
- Assist to design and implement internal control procedures and systems to ensure proper and efficient processing and recording of transactions.
Cashflow and Funds Management
In order to ensure a healthy cashflow is maintained to meet operating and capital expenditure:
- Monitor bank balances and manage payables and receivables to ensure healthy cashflow is maintained.
- Ensure that the Gasco has sufficient bankers guarantee to support the purchase of gas from suppliers.
- Monitor expenditures and work with the ops team to secure and update cashflow projections.
- Oversee timely submission of relevant reports to Gasco's Board and regulatory agencies.
- Optimise financial resources while ensuring operational effectiveness and efficiency.
Accounting Records, Policies and Procedures
To ensure proper and accurate accounting of activities and timely reporting to the CEO and the Gasco's Board, including the Audit & Risk Committee, you will need to:
- Ensure accurate and timely record of transactions, as well as timely payments and collections.
- Oversee timely reconciliations of bank accounts and prompt actions to clear outstanding reconciliation items.
- Ensure timely submission of financial returns required by various bodies. (e.g. GST returns, annual returns to IRAS).
- Prepare and review management reports and analyse variances for reporting to senior management and Gasco Board.
- Prepare and review financial statements and schedules for statutory audit.
- Support internal audit and subsequent follow-ups.
- Establish and review governance and financial policies and procedures, to ensure the policies and procedures and internal controls are relevant and adequate.
Accounting and Procurement Systems
- Establish and review procurement policies and procedures to ensure adequate and efficient internal controls.
- Report procurement activities regularly to Senior Management and to the Gasco's Board.
- Perform and report on data analytics of procurement transactions and report on any irregularities and/or areas of improvements to Senior Management and the Gasco's Board.
- Conduct training and workshops on procurement to enhance awareness and promote compliance.
- Work with IT Department to develop, test and implement an accounting system (covering payments, billings, collections, banking, financial reporting).
- Assist the operations team to implement a procurement system which interfaces with Gasco's accounting system.
Qualifications
- Background in Accounting with 8 to 10 years of relevant experience in accounting, financial planning and analysis, corporate financing, finance management and auditing
- Good knowledge of project accounting, statutory reporting requirements, trends and developments in the debt capital market, and best practices in corporate finance
- Experience in designing and establishing governance and internal control
- Knowledge of pricing models
- Experience implementing an Enterprise Resource Planning financial systems will be advantages
- A self-starter with strong analytical and communication skills and a keen attention to details
