“The Women Business Investment Forum is an excellent initiative that allows women entrepreneurs to network, learn from each other, and gain access to resources, networks, and funding opportunities that were previously unavailable to them. The projects and initiatives showcased at the forum are inspiring examples of how these women entrepreneurs are contributing to the business world”. We met with Mr. Phil E. Mulacek in the end of April at the grand opemimg of WBIF in UAE.
Mr. Phil E. Mulacek has a proven track record of over 40 years in global oil and gas and LNG development. He has worked in all aspects of the integrated Oil & Gas spectrum. Across the full upstream, mid-stream (refining), and downstream (fuel distribution & retail) and personal investments into the development of large-scale Carbon Capture Storage (CCS) and global Hydrogen technologies.
The energetic, charismatic, and infinitely talented businessman agreed to answer my questions about business and his vision of the current world situation.
Anna Grigoryeva: As a major entrepreneur and businessman, you invest a lot in various projects and businesses. In your opinion, which international initiatives are now interesting for major investors and entrepreneurs to develop?
Mr. Phil E. Mulacek: International initiatives focused on LNG as well as the development of clean energy technologies like hydrogen, carbon capture, utilization and storage (CCUS) are receiving a lot of attention and investment support from governments and investors in recent years. These projects are driven by the growing importance of addressing climate change and reducing greenhouse emissions, and this trend is likely to continue as the world works towards the goal of a net-zero future.
Anna Grigoryeva: In many countries, the politics of diversity and inclusion have become not only an ethical standard of art but also a tool for the financial success of the business. How do you feel about this initiative?
Mr. Phil E. Mulacek: There’s been research to suggest that companies that embrace diversity and inclusion generally perform better financially. A diverse workforce allows companies and entrepreneurs like myself to tap into different perspectives and experiences, encouraging innovation and creativity, which can lead to increased market share and improved profits. Furthermore, diversity and inclusion are also important for creating a positive work environment that supports employee engagement, satisfaction, and retention.
However, diversity and inclusion are not the factors that contribute to business success. Rather, these values serve as guiding ethical principles that can lead to better performance financially, as well as improved employee engagement and customer satisfaction, allowing companies to build a stronger and more sustainable business that benefits all stakeholders.
Anna Grigoryeva: In and of itself, any global social change is stressful for business, and it’s often much easier to work without it. And yet the world is changing. Global social trends are coming. And businesses are changing along with the people who create brands and become their customers. Have you felt this change for yourself?
Mr. Phil E. Mulacek: The oil and gas industry is no exception to the challenges of adapting to global social change. Traditional oil and gas companies are facing increasing pressure to transition to more sustainable energy sources as the world moves towards the net-zero goal. While the transition may be challenging, we also see opportunities for growth and innovation in the industry. Many companies including our businesses are already taking steps to adapt to such trends, including investing in renewable energy projects and exploring new energies such as hydrogen and carbon capture. Additionally, consumers are becoming conscious of their impact on the environment and society and thus, are more receptive and supportive towards businesses that prioritize sustainability and social responsibility.
AI (artificial intelligence) is also another global social trend that has made a significant impact on many industries, allowing businesses to improve efficiency and productivity. For the oil and gas industry, AI has the potential to significantly impact sustainability efforts by optimizing operations and minimizing environmental impact, thus accelerating the transition towards a net-zero future.
Anna Grigoryeva: How do you feel about women in business coming together in one global community?
Mr. Phil E. Mulacek: Women in business coming together in one global community is exciting and has the potential to create positive change in the business world. With such a community, there is the potential to unlock a network of support, collaboration, and empowerment, enabling the sharing of knowledge, expertise, and resources, which can potentially help to overcome some of the unique challenges women face in the business world, such as access to funding.
Anna Grigoryeva: I was personally very impressed by the Women Business Investment Forum. Women entrepreneurs from different countries talked about their projects, helping to make this world and the planet a much better place.
What were your impressions of the forum?
Mr. Phil E. Mulacek: The Women Business Investment Forum is an excellent initiative that allows women entrepreneurs to network, learn from each other and gain access to resources, networks, and funding opportunities that were previously unavailable to them. The projects and initiatives showcased at the forum are inspiring examples of how these women entrepreneurs are contributing to the business world.
Anna Grigoryeva: What are your wishes for future events of the Women Business Investment Forum?
Mr. Phil E. Mulacek: WBIF is an excellent event that provides a voice for women to be heard in the business world. With the success of the Women Business Investment Forum 2023, I hope that future events can be extended to more regions for better reach and engagement, and will continue to be equally successful and provide more opportunities for more women in business from other regions and countries to participate and benefit from such forums and events.
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