In this episode of Boardroom Insights with Dr. Alan O’Neill, we dive into the business of oil, the story of Dubai, and what really drives the modern energy economy.
My guest is Farid Badri, a chemical engineer and veteran of the oil industry who spent around 30 years in mid– to downstream roles, including leading major operations inENOC and overseeing refinery assets in Dubai. Farid takes us behind the scenes of the refining world – explaining the difference between heavy, medium and light crude, why “crude is always a mixture,” and how refineries actually make(or often don’t make) money. We unpack the pricing of Brent and WTI, the role of Dubai crude as a benchmark, and why headlines about “the price of oil” often miss the real story.
We then zoom out to look at Dubai’s transformation: from modest oil production in the 1960s and ‘70s, to a modern, service-led economy that now relies very little on oil.Farid explains how early Dubai leaders reinvested limited oil revenues into bold infrastructure bets like Jebel Ali Port and the free zones, turned the city into a global “meshad” or magnet for people, capital and ideas, and built an ecosystem where services and population growth now drive the P&L of the Emirate far more than hydrocarbons.
Along the way, we talk about: cultureand leadership in high-risk industries, why situational leadership matters more than job titles, and how trust and human dynamics make or break organisations when things go wrong.
And, on a lighter note, Farid shares what he’s doing now with his three “girls” – Scarlett, Ruby and Sonic – hiscollection of classic cars that he restores for the sheer curiosity of understanding how things really work.
Finally, we look ahead to the energy transition: Farid’s pragmatic take on renewables, why one size doesn’t fit all between Ireland, Africa and the Gulf, and why he believesoil will remain part of the mix even as the world decarbonises.
If you’ve ever wondered how Dubai really makes its money, how refineries actually work, or what boardroom decisions sit behind the price at the pump, this conversation will give you a thoughtful, insider’s view – and a very human one too.