Monday, May 19, 2025
Decades later: Iraq’s oil refinery in Somalia resurfaces in spotlight: “Iraq has a refinery abroad and nobody even knew!”
Shafaq News/ An Iraqi oil refinery built in Somalia in the 1970s under a joint deal with Mogadishu still exists, an overlooked legacy just now brought to light by economist Nabil Al-Marsoumi.
In remarks to Shafaq News, Al-Marsoumi noted that the facility was built in 1974 by Iraq’s State Company for Oil Projects with an annual refining capacity of 500,000 tons.
He explained that Iraq financed the refinery’s construction in foreign currencies, while Somalia's 50% share of the project’s costs was to be repaid over three years after operations began, at a symbolic interest rate.
Al-Marsoumi noted that the Somali president asked Iraqi Prime Minister Mohammed Shia al-Sudani, on the sidelines of the Arab League Summit held in Baghdad on Saturday, to rehabilitate the now-damaged refinery, signaling interest in restarting operations. “Quite the surprise,” he said. “Iraq has a refinery abroad and nobody even knew!”
TIDBIT FROM FNU LNU
Fnu Lnu
Article quote "Recent figures reveal that only 20 trillion Iraqi dinars are in actual market circulation out of a staggering 105 trillion dinars in total monetary volume—a sign that Iraqis are overwhelmingly choosing to hoard their savings at home rather than invest or deposit them."
This is NOT stability nor is it security...
There is a liquidity shortage afoot and though a digital Dinar along with a stable coin could greatly improve this situation, those are not a done deal yet either...
There will be no currency revaluation for the current, foreseeable, future. Relax,
it's coming soon but that means "Iraqi Soon" not "American soon".
IRAQ NEWS HEADLINES: The summit voiced full support for ongoing talks between Iran and the United States
IRAQ NEWS HEADLINES
Concluding the 34th Arab League Summit in Baghdad, Iraqi Foreign Minister Fuad Hussein stated that the summit voiced full support for ongoing talks between Iran and the United States,
expressing hope for positive outcomes. He added that the summit underscored the need for peaceful solutions to regional crises to ensure lasting stability in the region.
: Iraqi News Agency
TIDBIT FROM SKYWALKER
SkyWalker
A redenomination is a not a blanket term and does not cover every economic situation. Countries and Central Banks will implement a redenomination according to their needs to produce a desired outcome.
Simply put every country's redenomination is not the same. We investors in the dinar have no insight on the specifics of the delete the zeros program authored by the CBI beside what is circulated in the media.
Don't lock onto a keyword like redenomination and think it is written in stone, or you know how it will be implemented. The situation in Iraq is fluid and always changes.
We must wait for the final move by the CBI to implement the program and produce the desired outcome we all hope for.
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