Sinopec Corp has signed two contracts with Pansoft, an enterprise resource planning (ERP) software service provider for the oil and gas industry in China, to develop and install a centralised accounting management system and a treasury management system upgrade (TMS).
Sinopec is one of China’s leading petroleum companies and is headquartered in the Chaoyang district of Beijing. Its businesses include: oil and gas exploration, refining, and marketing; production and sales of petrochemicals, chemical fibres, chemical fertilisers, and other chemical products; storage and pipeline transportation of crude oil and natural gas; import and export of crude oil, natural gas, refined oil products, petrochemicals, and other chemicals.
The centralised accounting system will combine and integrate Sinopec’s current multi-layer accounting subsystem and thousands of accounting centres into one unified system. The system aims to: standardise accounting standards and procedures, consolidate financial management processes, strengthen financial management and control, improve the access and analysis of quality financial information, and modernise the financial management group. The centralised accounting system will cover the financial and accounting operations of all Sinopec’s and its parent company’s privately held subsidiaries, and the contract is valued at approximately US$2.9m.
The centralised TMS upgrade will further enable resource allocation and process control under one common platform. It enables management to dynamically manage, monitor, and control business processes, as well as analyse the flow of capital and information. Further, the system manages business-critical financial functions at key decision points to improve capital efficiency and shield the company’s business by monitoring financial risk. In the project development and implementation stages, Pansoft will provide Sinopec with customised consulting solutions, including testing, implementation, system integration, training, and other technical support services. Sinopec engaged Pansoft for the original centralised TMS in 2009. The contract is valued at approximately US$1.1m.
“We are pleased to continue to implement our value-added solutions with one of the largest global oil and gas players,” said Guoqiang Lin, chief executive officer (CEO) of Pansoft. “Our co-operation with Sinopec further solidifies our leadership in enterprise resource planning software and professional services in the oil and gas industry. We will leverage this opportunity working in one of the largest corporations in the world to expand our services and strengthen our capabilities.”
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