Pansoft Company Limited, a leading enterprise resource planning (ERP) software service provider for the oil and gas industry in China, today announced it signed two new contracts with Sinopec Corp., a China-based company engaged in oil and gas chemical operations. Together, the contracts are valued at approximately $3.8 million.

Today’s announced contracts are an addition to a previously announced contract to develop a centralized accounting management system for Sinopec, with all three contracts valued at aggregate $6.8 million.

Sinopec is one of China’s leading petroleum companies, focusing its business reach on oil and gas exploration, refining and marketing; production and sales of petrochemicals, chemical fibers, chemical fertilizers, and other chemical products; storage and pipeline transportation of crude oil and natural gas; and import and export of crude oil, natural gas, refined oil products, petrochemicals, and other chemicals.

Pansoft’s ERP software will integrate Sinopec’s current multi-layer accounting subsystem and its thousands of accounting centers for its extensive business lineup into one unified system. Through this streamlining, Pansoft aims to standardize Sinopec’s accounting standards and procedures, consolidate financial management processes, strengthen financial management and control, and improve the access and analysis of quality financial information.

“We are expanding the coverage of our value-added solutions in terms of both functionality and business operations within Sinopec,” Guoqiang Lin, Pansoft CEO stated in the press release. “The further expansion of our cooperation with Sinopec indicates our solid partnership with one of the largest global oil and gas players and its confidence that Pansoft can handle mission-critical IT applications and strategy. At the same time, the adoption of our centralized accounting system by Sinopec underscores our leadership in large, customized accounting-system development and integration, which we intend to leverage and expand into other industries.”

The first new contract calls for Pansoft to expand Sinopec’s accounting system to include parent company Sinopec Group Corp. Pansoft will also develop a platform to facilitate transactions between the subsidiaries and Sinopec Group and U.S.-listed Sinopec Corp.

The second new contract is designed to extend the centralized accounting system to Sinopec’s subsidiaries.

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