Zug, Switzerland, June 7, 2019 – EuroChem Group AG, a leading global fertilizer company, today announces the signing of a Memorandum of Understanding (MOU) to create new business technologies and practices with leading Russian financial institution Sberbank and coal producer SUEK.
The agreement, signed at the St. Petersburg International Economic Forum, sets out the basis for collaboration in areas of mutual interest, including the development of new approaches to artificial intelligence, banking products, cybersecurity systems, and human capital development. The agreement also envisages collaboration in corporate governance and risk management practices using big data.
“Improved technology, and artificial intelligence will change how we all work,” commented Petter Ostbo, Chief Executive Officer of EuroChem Group. “In the fertilizer industry, innovation is providing answers to questions farmers pose every day – how to improve crop yields without increasing the environmental footprint. We believe that cooperation in these areas will be a useful experience for all of us.”
“Sberbank has longstanding partnerships with EuroChem and SUEK,” said Herman Gref, CEO and Chairman of the Executive Board of Sberbank. “We are glad that today we can not only provide traditional banking services to them, but also work together in fields that transform the business environment and take our cooperation to an entirely new level.”
SUEK and EuroChem were co-founded by the industrialist Andrey Melnichenko, who remains the main beneficiary of both companies. Mr Melnichenko also serves in a non-executive capacity as chairman of the strategy committee at both SUEK and EuroChem Boards.
About EuroChem Group AG
EuroChem is a leading global producer of nitrogen, phosphate and potash fertilizers. The Group is vertically integrated with activities spanning mining to fertilizer production, logistics, and distribution. Headquartered in Zug, Switzerland, the Group operates production facilities in Europe, Asia and the CIS, employing more than 26,000 people. More information is available at www.eurochemgroup.com
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