Sberbank and LUKOIL launch partnership programme on business credit cards

Jul 10, 2018

10 July 2018, Moscow – Sberbank and LUKOIL Group’s oil product supply organisations have concluded a range of agreements, including on development of business credit cards for entrepreneurs and legal entities. LUKOIL is the bank’s first partner for developing additional services for business cards.

“LUKOIL and Sberbank are long-standing strategic partners, and we highly value our long term cooperation with one of the leading gas and oil companies. We hope that our interaction in this new area will become an important step towards broadening joint projects related to banking products. The new stage of cooperation between our companies will let individual entrepreneurs and legal entities purchase large volumes of  petroleum products, whilst excluding cases of so-called cash deficiency, i.e. lack of money to repay current obligations,” said Deputy Chairman of the Executive Board of Sberbank Anatoly Popov.

More than 160,000 companies use Sberbank’s business cards to pay for fuel, spending more than RUB 600 mln each month. 25% of them use the services of LUKOIL’s petrol stations.

LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world accounting for more than 2% of the world’s oil production and around 1% of the proved hydrocarbon reserves. Possessing a full production circle, the company fully controls the whole production chain: from oil and gas extraction to sale of oil products. It also generates electricity and heat energy, including from renewable sources. In 2017, LUKOIL sold more than 10 mln tonnes of petroleum products at its petrol stations in Russia.