RESOLUTION:
Option A:
1. Go to Maintenance | General | Object Types and select 'Oracle Apps Setup Objects' from the Object class list. Check if Fast Formula is listed there as 'Active'.
2. As you don't need it, just uncheck it and restart the OA.
or
Option B:
Open up the stat.conf file and add this parameter <enter_env_code>.env.SHARED_PRODUCTS:'FF'
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