Sinopec Taps Pansoft's Centralized Financial and Accounting Solution

Pansoft will develop a centralized financial and accounting solution for Sinopec, one of the largest oil and gas companies in the world. Sinopec is ranked 9th of the Fortune 500 with thousands of subsidiaries worldwide.

Sinopec will use the custom-designed, centralized financial and accounting solution to enhance its accounting procedures and strengthen its financial management with the overall aim of increasing its competitive advantage. Sinopec selected Pansoft to help attain that competitive advantage for two important reasons. First, Pansoft's technical expertise provides outstanding ERP solutions and services. Second, Pansoft's deep understanding of various financial and accounting challenges make it a valuable partner, especially in the current economic climate.

Pansoft was involved in drafting the development proposal, which was approved by the Office of Chairman at Sinopec in June. On July 15, 160 key development personnel representing Sinopec's various departments and Pansoft executives gathered at Sinopec's headquarters in Beijing to kick off the project. According to the plan, all system customization and development work will be completed by the end of 2009 and the trial operations and final implementations are scheduled to finish by 2010. The contract is in the drafting and signing process.

Based on Sinopec's specific requirements and needs, Pansoft will develop the solution based on SAP Netweaver platform. Pansoft has developed a similar centralized system for PetroChina in 2006 and it is currently being used by more than 2,000 of PetroChina's subsidiaries globally. The new Sinopec solution will be developed with an even larger scope of applications compared to the one utilized by PetroChina.

Wang Jun, Vice Minister of Finance of China, highly praised PetroChina's centralized financial and accounting system, the first of its kind in China's energy industry, developed by Pansoft. Mr. Wang has endorsed the solution and encouraged other large multinationals in China to adopt the innovative management model to accelerate China's financial and accounting reform.

Guoqiang Lin, CEO of Pansoft, very pleased with Pansoft's partnership with Sinopec, said, "We are excited to work with Sinopec, one of the largest oil and gas corporations in China and the world, to develop a unique centralized financial and accounting solution that will be used by thousands of Sinopec's subsidiaries. This business relationship, which demonstrated our superior expertise in providing customized ERP solutions and services, will further strengthen our market leadership position in China. We are optimistic about our growth prospects."