Andrey Kruglov, Deputy Chairman of the Gazprom Management Committee, and Stefan Ries, Member of the Executive Board of SAP SE, signed a Memorandum of Understanding today at the St. Petersburg International Economic Forum 2016.

The Memorandum reflects the strategic nature of the companies' cooperation. It aims to improve the reliability of Gazprom's information management systems based on SAP's software solutions, develop those systems further, and introduce innovative information technologies in the Company's operations.

The parties intend to establish a joint company in Russia with the purpose of developing Russian software for automation of business administration processes. The software, which will be developed in Gazprom Group's interest, may be adapted to the needs of other potential consumers in the future. The joint company is expected to begin operations before the end of 2016.