Fuelling change

Talent retention is one of the biggest challenges facing Ibadov today. ‘Because we are operating in a difficult and competitive environment, our people are in demand and it’s very difficult to retain them,’ he says. Another challenge is geopolitics, which creates significant volatility for the oil and gas sector and requires the business to undertake extensive scenario analysis.

Embrace uncertainty

‘Most of the time, we are working on different scenarios with different assumptions,’ Ibadov explains. ‘It’s not only about having software or an Excel file where these assumptions are documented. It’s also about making preparations for a bad day.’

That said, Ibadov is confident that challenges also present opportunities. ‘I believe in the upside of uncertainty,’ he argues. ‘So, we are training our people to see and capture the adjacent possibilities.’

While sustainability is a strategic focus for SOCAR Türkiye, the company believes in a gradual transition to a low-carbon economy. So, it plans to keep producing conventional fuel products while this transition takes place, both to meet the demands of the public and to finance its sustainability initiatives. Currently, it is exploring plastics recycling and how to produce sustainable aviation fuel with used cooking oils.

Ibadov was born in Azerbaijan but spent most of his teenage years at a boarding school in Ankara, the Turkish capital. At the time – the early 1990s – his home region was experiencing heavy shelling due to a conflict between Azerbaijan and Armenia, so his father wanted to keep him out of harm’s way. At boarding school, he learned to speak Turkish fluently and now believes that ‘nobody can tell that I’m not from Türkiye’.

After studying economics, firstly at the Azerbaijan State University of Economics and later at the University of Illinois at Chicago, Ibadov wanted to work for an international development bank. But when he returned to Azerbaijan from the US, he was offered the opportunity to train as an auditor with PwC. ‘Initially, I thought I’d accept the role while continuing to explore opportunities in development banks,’ he says. ‘But then I found myself captivated by the dynamic world of finance and accounting and decided to pursue it wholeheartedly.’

While he was at PwC, Ibadov established the PwC Academy, a provider of specialist training courses on topics such as financial reporting, internal audit, risk management and performance management. He also studied for the ACCA qualification – although the pressure to balance work with study meant he didn’t pass all his exams first time. His tip for others who are struggling with their studies is: ‘Just persevere, you’ll get there.’

Broad spectrum

Being ACCA qualified has helped Ibadov to excel in his career by equipping him with a broad spectrum of knowledge and skills. ‘ACCA’s philosophy aligns closely with my own values and my own approach to leadership,’ he says, ‘because it empowers its members to make a meaningful impact, both within their own organisation and society at large.’

In 2014, Ibadov was on the cusp of being made partner at PwC – his longstanding dream – when he received an exciting offer that would change the course of his life. SOCAR approached him to lead the finance function for the construction of subsidiary STAR’s oil refinery near the Turkish port of Izmir. ‘The project was the largest foreign direct investment in the history of Türkiye,’ says Ibadov proudly. ‘The chance to combine my expertise with a project of national importance was an opportunity I couldn’t pass up.’ He was also attracted by the idea of returning to Türkiye since he knew the culture and language well.

So, Ibadov moved to Türkiye, first as a finance director and then promoted to deputy general manager (finance and IT) for STAR Refinery. Five years later, he became CFO for the SOCAR Türkiye refinery and petrochemicals business unit. His elevation to CEO of the SOCAR Türkiye holding company came in 2023 – a promotion he describes as an ‘honour’.

Ibadov attributes his rise to his thorough understanding of the business. ‘I didn’t just focus on finance,’ he says. ‘I tried to understand the construction ecosystem, the oil refining processes and the market in which we operate. I also like being involved in HR processes. So, I think I managed to develop myself in a holistic way.’

Learning experience

The move from CFO to the broader role of CEO was challenging, Ibadov admits, but it was also an incredible learning experience. ‘Overnight, I found myself responsible for leading a company with over 5,600 employees,’ he says. ‘And I don’t just oversee a wide array of business functions; I also manage a variety of complex dynamics and stakeholder interests.’

Despite his busy role, Ibadov finds the time to teach business masterclasses at universities in both Azerbaijan and Türkiye. He has also authored a textbook and translated numerous economics and finance books from English into Azerbaijani. Passionate about education, he says: ‘I cannot live without teaching.’ Basketball is his other passion and he’s the president of a professional basketball club called Aliaga Petkimspor, which successfully represents Türkiye in the European Basketball Champions League.

Ibadov’s advice to other accountants who dream of making CEO is to ‘make sure you love what you’re doing and invest in continuous professional development’. He also underlines the importance of communication, saying: ‘Relationships are like plants; you have to water them constantly.’

Finally, Ibadov concedes that a good dose of luck is critical to any successful career journey – and that being a good person helps to bring luck. ‘If you are not in the right place, at the right time, you won’t get what you want,’ he says. ‘But I believe that if you do good deeds for society, luck comes at you. That might sound a little philosophical, but that’s what I’ve seen in my life.’