| APICORP
adopts e-business strategy based on Oracle e-business suite
Posted: 16 April 2003
Saudi-Based specialised financial institution streamlines
financials and makes key corporate information available online
Dammam, Kingdom of Saudi Arabia — Oracle
Corporation, the world’s largest enterprise software company,
today announced that Arab Petroleum Investments Corporation (APICORP)
has adopted an e-business strategy based on Oracle E-Business Suite.
The wide-ranging implementation will provide seamless integrated
business applications, direct transaction processing and will support
an online enterprise portal to distribute business-critical information
across the corporation.
These capabilities will support APICORP’s ongoing and diverse
activities, which include financing new ventures, projects and corporations
in the petroleum, gas and petrochemicals sectors across all ten
organisations of Arab Petroleum Exporting Countries (OAPEC), and
other Arab countries as well.
Under the agreement, APICORP has acquired licenses for a wide range
of applications, including Oracle Financials, Oracle Human Resources,
Oracle Payroll, Oracle HR intelligence, Oracle Purchasing, Oracle
Financial Analyzer and Oracle Express Server.
In addition, the corporation has also deployed Oracle Discoverer,
Oracle Internet Developer Suite and Oracle 9i Application Server,
to facilitate APICORP’s pioneering corporate portal and business
intelligence initiatives
“Operating in the fast-changing and economically crucial
petroleum and energy sector requires APICORP to continually hone
and refine our business processes and access to critical information,”
said Dr. Galal Osman, Senior Manager, Information Systems Department.
“Our objective in developing our new Oracle-based e-business
infrastructure is to build a streamlined information systems architecture
that will evolve alongside our company and adapt to changes in the
industry we serve.”
Osman outlined APICORP’s vision for the deployment of its
new internal e-business infrastructure. Integrated applications
will help increase the visibility and transparency of the complex
transactional and decision making processes occurring across the
corporation, while its new technology platform will provide immediate
access to all corporate applications —including the corporate
online portal — across the Internet to its employees while
they are out of office.
“This integrated network of applications and infrastructure
provides APICORP with a platform for the success of our future growth
and development plans,” commented Osman.
“APICORP’s decision to implement its new e-business
infrastructure sees it join the ranks of a number of leading financial
institutions in the region who have adopted Oracle E-Business Suite
as a way of increasing efficiency and speeding up decision-making
processes,” noted Hussam Dajani, Vice President of Oracle
Middle East.
“By modernising its infrastructure and deploying a progressive
and totally seamless application environment, APICORP is ensuring
that it will be able to continue and expand on its mission to finance
major projects and developing companies in the petroleum and petrochemicals
sector,” Dajani added.
About APICORP
Arab Petroleum Investments Corporation (APICORP) is an
inter Arab joint stock company established on 23 November 1975 in
accordance with an international agreement signed and ratified by
the governments of the ten member states of the Organisation of
Arab Petroleum Exporting Countries (OAPEC).
APICORP's head office is in Dammam/Al-Khobar area, Kingdom of Saudi
Arabia. The company’s APICORP’s core business involves
in the following areas: Structured Project Finance and Corporate
Finance; Trade Finance; Financial Advisory Services; Equity Participation.
Posted by Richard Price,
Editor Pipeline Magazine
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