PetroChina Company has chosen Pansoft, an enterprise resource planning (ERP) software service provider for the oil and gas industry in China, to develop and install a treasury management system (TMS). Development will begin immediately.
PetroChina is the largest oil and gas producer and distributor in China and plays a dominant role in the country’s oil and gas industry. PetroChina and its subsidiaries are engaged in a broad range of petroleum-related activities, including exploration and production, refining and marketing, chemical manufacturing, and natural gas and pipeline operation.
The deal is worth approximately US$1.76m and the project will take three years to complete.
PetroChina’s TMS will also incorporate thousands of its subsidiaries and will enable the management of all its resources under one common platform, representing one of the largest TMS’ in China. The system will control the entire process of dynamic management and monitoring and controlling business flow, capital flow and integrated information flow. In addition, it will strengthen financial management of business-critical functions at control nodes to enhance the efficiency and effectiveness of capital operation and control financial risk to support and protect the company’s business. The scope of the project’s services includes: providing implementation-related consulting services, configuring the treasury management system software, customisation, testing, implementation, systems integration, training, and technical support, among others.
“Pansoft is committed to being a leading enterprise resource planning software and professional services provider in the oil and gas industry, and we constantly strive to provide our clients with superior solutions,” said Guoqiang Lin, chief executive officer (CEO) of Pansoft. “I am delighted that PetroChina has decided to continue its successful partnership with Pansoft on such a critical software platform design, implementation, and training programme. The signing of this contract with PetroChina marks another great step for Pansoft through the development of a large-scale treasury management system, which further enhances our leadership and expertise in the oil and gas industry in China.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.