Platform provides reporting and analytical functions to streamline financial processes

Muscat, February 3rd, 2014 - In order to create a competitive advantage in the local and regional marketplace, Oman Oil Company (OOC) has deployed the Oracle Hyperion financial management portfolio to achieve flexible consolidation of financial and management data across its group of companies.

The advanced financial consolidation and reporting tool will offer seamless capabilities of data analysis customised according to specific industry requirements for finance and non-finance professionals, as well as decision makers. In addition, it will minimise both paper work and human error for improved productivity levels.

"With the myriad business data across OOC and its group of companies, we realised the need to address complex and stringent accounting standards with an innovative reporting platform. The new tool will provide group-wide visibility, analytical acuity, and real-time reporting essential in making well-informed decisions and creating boardroom-ready financial statements," said Mulham Al Jarf, Deputy CEO of OOC. "The key requirement for us by implementing such a solution was the ability to run a single global instance that reduces the time and effort required in tracking project overheads."

"The integrated Oracle Hyperion portfolio enables better budgeting, supports harmonised planning and standardises management processes for all OOC companies. In addition, it provides a stable and central financial planning system that offers multidimensional modelling with tech-friendly calculation and reporting capabilities to help users meet deadlines and support OOC's overall business strategy," said Tamer Farouk, Senior Director - EPM Business, Oracle.

The Oracle Hyperion platform will integrate roll-up processes among OOC, Oman Oil Company Exploration and Production (OOCEP), Takamul Investment Company and over 40 OOC owned and operated investments worldwide.

About Oman Oil Company (OOC)
OOC is a company wholly owned by the Government of ‎the Sultanate of Oman. The company was established in 1996 to give the Government ‎a vehicle for pursuing investment opportunities in the energy sector both inside and ‎outside Oman. OOC has managed, in a relatively short period of time, to contribute to the ‎development of many important projects in energy and energy related areas. OOC plays a key role in the Sultanate's efforts to diversify the Omani economy ‎and help generate Omani and foreign private sector investment.

About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE:ORCL), visit www.oracle.com.

© Press Release 2014