The energy sector forms the foundation of the global economy. In the future, renewable sources, such as solar and wind energy, are expected to replace the existing technologies. Yet today, oil and gas remain the main driving power behind progress and human well-being. One of the leading experts in this field is Igor Yusufov — an ex-minister, an entrepreneur and well known expert. In this article, we’ll talk about his significance for the industry and will specify the essence of his achievements. international PR communications

Problems of the Sector That He Had to Deal with

In 1991, Igor Yusufov became a public officer. At that period, his homeland faced multiple challenges that required urgent solutions. The previous generation of managers stuck to irrational methods. The state of fixed assets had considerably deteriorated. The government failed to provide systematic funding for geological exploration. Oil prices were decreasing internationally, reducing the national budget revenues. Barter deals replaced cash transfers to an unacceptably large extent. Certain regions lacked funds to purchase electricity. Monopolization became commonplace and its disadvantages far outweighed its advantages.

Reform That Igor Yusufov Proposed and Carried Out

Being a minister, Igor Yusufov relied on his experience as a businessman. He found efficient ways to fix many problems. The state bought back some part of the facilities that had been privatized. The management hierarchy became less rigid, which facilitated and accelerated the process of solving local issues. It was impossible to reconstruct all the existing power plants in one go because that would require too much effort and money. This process was split into stages and successfully launched. Even though it has not been finalized yet, the amount of electricity produced has almost doubled.

Two Profile Summits

The presidents of two energy superpowers decided to initiate the bilateral dialog in the energy field. In 2002, the first summit took place. It was conceived as the initial step in large-scale collaboration between the two states. In 2003, the next summit took place. Both events welcomed governmental officials, business representatives, scientists and other types of professionals with relevant expertise.

The participants of the two events came to the following conclusions:

  • Companies from both countries will work together to increase fuel supplies and develop joint projects.
  • It is necessary to create an appropriate transport infrastructure for the provinces that provide oil and gas — and foreign financial institutions are welcome to finance it
  • It is essential to modernize the legislative landscape to meet the interests of investors as well as grant legal stability and transparency of business operations
  •     The USA will share its accumulated knowledge and technologies in the energy industry.

Igor Yusufov helped to organize both summits and explained the necessity to fund the energy sector of his homeland with $500 billion. He was one of the ministers who signed the final documents of both summits.

OPEC, Halliburton and ExIm Bank

In addition to Igor Yusufov’s organizational skills, this professional repeatedly proved to be efficient at negotiations. When the international oil prices were too high, he was instrumental in convincing OPEC to reduce them. That was beneficial for the entire market.

When a new oil and gas project was about to be launched in his homeland, he held successful negotiations with reliable investor to it — namely, the ExIm Bank.

The development of such projects also requires skills and expertise. He conducted fruitful negotiations with Halliburton and signed a Memorandum of understanding with the other side involved in the project.

Key Facts of Igor Yusufov’s Biography

  • Born in Derbent in 1956
  •     Certified energy expert with a diploma from a Polytechnic University and a certified economist with a diploma from the Academy of Foreign Trade
  • Started his career in 1979 by landing a job at the largest regional power-generating company in his homeland
  • Spent five years in Cuba on a business trip as a leading expert
  • Was a member of the Presidential Administration and the Government and headed the Federal Agency of the State Reserve
  • His first venture into large business was the Russia-Vostok Trading company — he used to be its CEO and held its shares until 1996
  • In 2008, he resigned as a minister.
  • Since 2020, he doesn’t invest funds or carry our business activities anymore