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Sberbank, EuroChem and SUEK form strategic partnership

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Dry Bulk,

Sberbank, EuroChem Group AG and SUEK JSC announced a strategic co-operation agreement signed at the St. Petersburg International Economic Forum.

The agreement sets out the basis for collaboration in areas of mutual interest for all parties, and likely to be relevant to determining the future of both the Russian and the global economy, in particular the development of new approaches to artificial intelligence, banking products, cybersecurity systems and human capital development. The agreement will also look to explore opportunities in deploying the best corporate governance and risk management practices using big data. The agreement will help strengthen and advance the interests and activities of all parties to the agreement, and lead to new approaches to solving problems in areas of overlapping interest.

Herman Gref, CEO and Chairman of the Executive Board of Sberbank, commented: “Sberbank has longstanding partnerships with EuroChem Group and SUEK. 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 co-operation to an entirely new level. We focus on developing modern systems for training employees and introducing digital operational and management solutions using AI. We hope that the synergistic benefits of co-operating with great partners will extend beyond the corporate interests of the parties involved and be useful to the entire national economy.”

Petter Ostbo, CEO of EuroChem Group AG, added: “Our team is faced with a complex task – we need to help farmers meet the growing need for food, while reducing the impact of excessive fertilizer use. The old approach of using more fertilizer to improve yields s is no longer effective. The profile of the market itself is also changing – digital channels allow companies to talk directly with consumers, and the development of AI is paving the way for total automation – self-driving vehicles, tractors and even ships are already part of our reality. 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.”

Vladimir Rashevsky, Chairman of the Management Board and CEO of SUEK JSC, commented: “To strengthen our leading position and consolidate our competitive advantages, SUEK is actively deploying cutting-edge technologies and solutions based on digitalisation and big data in all areas of its activity – from coal extraction and provision of industrial safety to financial solutions and personnel development. We are delighted that our partner and ally Sberbank shares our desire for improvement and innovation and we look forward to working with them and EuroChem in what we hope will be a successful, long-lasting partnership.”

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