St. Petersburg, Russia, 1 June 2017 – EuroChem Group AG (“EuroChem” or the “Group”), a leading global fertilizer company, today announces that MCC EuroChem, its Russian subsidiary, has signed a social and economic cooperation agreement with Russia’s Murmansk regional authorities and the local authorities in the town of Kovdor in the Murmansk region. Kovdor is home to Eurochem’s Kovdorskiy GOK, an integrated phosphate and iron ore mining and processing facility and by far the town’s largest employer.
The agreement envisages the parties cooperating on a number of sustainable development projects aimed at upgrading social infrastructure in Kovdor, in particular by improving the provision of housing and communal services. They will also work together to improve employment opportunities for local residents.
The projects, outlined within the strategic plan for Kovdor, will cost about RUB 800 million (c. USD 14 million) to deliver over the next three years and will be funded equally by the regional authorities and by EuroChem’s Russian business. A working group comprising all the parties will assess the plan and prioritise tasks.
From 2014 to 2016, MCC EuroChem invested RUB 112.2 million (c. USD 1.9 million) on the socio-economic development of Kovdor, including improvements to the town’s social infrastructure, repairing roads and renovating public buildings.
The cooperation agreement was signed at the St. Petersburg International Economic Forum.
About EuroChem Group AG
EuroChem is a leading global fertilizer company producing primarily nitrogen and phosphate fertilizers, as well as certain organic synthesis products and iron ore. The Group is vertically integrated with activities spanning mining and hydrocarbons extraction to fertilizer production, logistics, and distribution. EuroChem is currently developing two sizeable potash deposits in Russia with its VolgaKaliy and Usolskiy Potash greenfield projects. Headquartered in Zug, Switzerland, the Group operates production facilities in Belgium, China, Kazakhstan, Lithuania, and Russia and employs more than 25,000 people globally. For more information, please visit www.eurochemgroup.com or contact:
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