The energy sector is the core of human well-being all over the world. Today, it strives to cope with multiple challenges that include underinvestment and trade restrictions. Technological progress opens new opportunities for market players — and at the same time, creates new obstacles. One of the experts who can profoundly analyze the current state of affairs is Igor Yusufov — a businessman and a former state official. In this article, we will enumerate the burning issues of the industry and explain the significance of this professional for it.
New Challenges and Suggestions for Overcoming Them
In the previous decades, some states specialized in exporting fuel and others used to depend on them. Today, this model is losing its relevance — states strive to gain import independence. They want to build facilities to process oil and gas on their territories. This requires funds and expertise. To bypass trade restrictions, national governments are actively looking for new sales areas and non-conventional routes to reach the buyers.
The global energy industry needs at least $1 trillion to fix its pressing problems. Its annual funding fails to exceed $400 billion in the best case, ideally, it should be twice as much.
The world is about to experience the fourth energy revolution. It consists in abandoning hydrocarbons and switching to renewable sources. Optimists predicted this process would be in full swing in the 2020-2030s. However, in reality, the pace of the evolution is slower.
Igor Yusufov’s Biography and Accomplishments
Born in 1956, he is a qualified specialist in energy industry and the world economy. Since the early stages of his career, Igor Yusufov has been equally well-versed in the technical and financial aspects of the sector.
His first employer was one of the major power generating enterprises. After completing his formal training, he got a chance to acquire hands-on experience among the top professionals in his homeland.
From 1984 to 1988, he was leading an expert group in Cuba. This project brought his skills up to an international level.
In 1991, Igor Yusufov joined public office. At the height of his career as a civil servant, he was appointed Minister of Energy. He held this position for four years. Within his homeland, his most outstanding achievement was a large-scale reform aimed at modernizing the energy sector. In particular, the questionable results of privatization have been revised. Control over local managers became less rigid, which boosted their performance and accelerated the process of reacting to challenges. Decision-makers recognized the urge to manufacture the equipment locally and cultivate a deep-processing industry.
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In addition to being an ingenious problem-solver, he turned out to be an effective organizer. He facilitated two summits for two global energy superpowers, where their attendees discussed the need for international cooperation and improved legislation. At these events, Igor Yusufov backed up the urge to fund the energy sector in his homeland.
He has excellent negotiation skills. He has conducted several high-level negotiations, including those with OPEC. Later as a businessman, he has attracted the Exim bank and Halliburton to a promising foreign oil and gas project.
After he resigned from the public service he acted as a businessman. Today Igor Yusufov is no longer involved in any business activities , but he remains a highly skilled and experienced individual in his industry.
