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Iraqi News
6 days ago
- Business
- Iraqi News
Mogadishu refinery find triggers Iraq's hunt for $100B in lost global assets
Baghdad ( – A startling revelation at the Arab Summit in Baghdad this May has jolted Iraq into confronting a forgotten legacy: a sprawling international portfolio of properties and investments, potentially worth at least $100B, that has languished in neglect and obscurity for two decades. The unexpected news of a large, Iraqi-built oil refinery still standing in Mogadishu, Somalia, has served as a dramatic wake-up call, triggering a renewed effort to trace and potentially reclaim these vast, squandered national assets. The ghost refinery in Mogadishu, constructed in 1978 under a bilateral agreement and largely forgotten by Iraqi officialdom since 2003, was brought back to Baghdad's attention by Somali President Hassan Sheikh Mohamud. He informed Iraqi Prime Minister Mohammed Shia Al Sudani that the facility merely requires technical rehabilitation to become operational – a timely prospect as Somalia begins exploring offshore oil. This single revelation underscored a much larger, more complex issue: Iraq's dozens of lost properties scattered across three continents. During its oil-boom years in the 1970s and 1980s, Iraq strategically invested its wealth globally, acquiring an estimated 50 significant assets. These included luxury palaces and real estate in prime European locations like Cannes, France, Spain, the UK, and Italy; agricultural ventures such as tea, rice, rubber, and tobacco farms in Malaysia, Sri Lanka, and Vietnam; and diverse holdings in Africa, from tourist islands and agricultural factories in Mozambique and Nigeria to the aforementioned Somali refinery. This was a policy of extending economic and diplomatic influence. However, following the 2003 regime change, this global portfolio fell into disarray. Iraq's Parliamentary Integrity Committee previously revealed to news agencies that crucial ownership documents were stolen or destroyed. Some properties were illicitly transferred to individuals or shell companies linked to the former regime, while others simply vanished from official oversight, becoming a forgotten treasure. Early attempts at recovery highlighted the dangers. In 2012, an Iraqi Foreign Ministry delegation dispatched to Mozambique to inspect a state-owned asset, believed to be a palace on a tourist island, received direct threats from an armed group controlling the site, forcing their immediate withdrawal. The incident underscored the formidable challenges beyond mere legal claims. The Mogadishu refinery news has now spurred the Iraqi government into decisive action. Specialized legal and technical committees have been formed, and the Ministries of Oil, Foreign Affairs, and Justice are tasked with a coordinated global effort. This includes attempting to re-register properties, settle outstanding tax issues, and verify any remaining documentation. Legal experts suggest Iraq could pursue claims through the International Court of Justice (ICJ) or negotiate bilateral agreements with host nations. They also stress the necessity of pursuing individuals and entities involved in the illicit appropriation of these assets, potentially through international arrest warrants via INTERPOL if sufficient evidence is available. For a nation facing ongoing economic challenges and heavily reliant on oil exports, the potential recovery or proper investment of these assets, valued around $100B, represents a monumental financial opportunity. Economists believe even partial success could generate sustainable revenue streams, offering a vital diversification away from almost exclusive dependence on crude oil exports for its budget. However, the path to reclamation is fraught with obstacles. Experts caution that some assets may now be subject to statute of limitations in their host countries, or may have been legally acquired by other parties during Iraq's two-decade absence from active management. Furthermore, concerns exist about potential internal political interference derailing recovery efforts, especially if assets are now linked to influential figures or complex, decades-old contracts that would be difficult to unwind without triggering intricate legal disputes. Despite these challenges, the surprise rediscovery of the Mogadishu refinery has ignited a new sense of urgency and hope. The Iraqi government's renewed commitment, if pursued with transparency, international cooperation, and persistence, could potentially unlock billions in national wealth that has lain dormant across the globe for far too long, offering a much-needed boost to its economic future. 5. Image Alt Text Suggestions: * 'Archival photo of the Iraqi-built oil refinery in Mogadishu, Somalia' * 'Map highlighting locations of potential lost Iraqi assets across Europe, Asia, and Africa' * 'Somali President Hassan Sheikh Mohamud' * 'Iraqi Prime Minister Mohammed Shia Al Sudani' * 'Graph or visual representing the estimated $90 billion value of Iraq's forgotten assets' * 'A dilapidated historic building representing a neglected Iraqi asset abroad'
Shafaq News
29-05-2025
- Business
- Shafaq News
From Mogadishu to Madrid: Iraq's forgotten global assets
Shafaq News/ From tea plantations in Vietnam to Mediterranean villas in France, and from the outskirts of Mogadishu to the coastlines of Mozambique, a vast trove of Iraqi-owned properties and investments—valued at no less than $90 billion—has slipped into obscurity. Once key instruments of influence and diplomacy, these assets now lie buried in unarchived files, undocumented contracts, and unnamed holdings. Forgotten Assets Senior diplomatic sources who spoke with Shafaq News reveal that Iraq holds more than 50 properties and foreign investments scattered across Europe, Asia, and Africa. Acquired over decades, this portfolio spans luxury real estate, farmland, banks, office buildings, and industrial facilities. Europe houses a significant portion of Iraq's footprint, with assets in Spain, France, the UK, and Italy. Some properties are situated in prestigious locations, such as Cannes on the French Riviera, a city synonymous with elite allure. Beyond residences, the holdings include financial institutions and commercial offices strategically placed across major cities, originally intended as economic diplomacy outposts. In Asia, the focus shifts to agricultural investments. Iraq's ventures include plantations producing tea, rice, rubber, and tobacco across Malaysia, Sri Lanka, and Vietnam. Africa presents yet another dimension. Iraqi assets comprise tourist islands, agro-processing factories, and agricultural estates in Somalia, Nigeria, and Mozambique. This expansive network of international holdings traces back to policies from the 1970s and 1980s when surging oil revenues fueled Iraq's global investment ambitions. Under the Foreign Investment Law of 1981, the state secured the authority to acquire and manage overseas properties through embassies, commercial attachés, and sovereign investment vehicles. The goal was clear: establish Iraq as a player in global trade and leverage its economic presence abroad. Yet, that vision lost momentum over the years. The 1990s sanctions, the 2003 regime change, and prolonged instability severely disrupted oversight. Some assets fell into undocumented limbo, others became caught in legal grey zones, and several were absorbed into local markets under circumstances still not fully understood. Dormant Oil Plant A vivid example of this forgotten legacy emerged at the recent Arab League summit in Baghdad. Somali President Hassan Sheikh Mohamud brought to light an Iraqi-built oil refinery on the outskirts of Mogadishu that had vanished from official records. Constructed in 1978 through a formal agreement between Iraq and Somalia, the refinery disappeared from Iraq's inventories after Saddam Hussein's fall. For over two decades, its existence remained unacknowledged—absent from registries and erased from institutional memory. Somali officials informed Iraqi Prime Minister Mohammed Shia Al-Sudani that the refinery remains structurally intact and could resume operations with technical rehabilitation. This revelation arrives as Somalia prepares to explore its offshore oil reserves, positioning the plant as a potential regional energy hub. Originally designed to refine imported crude and store petroleum products for domestic and regional use, the facility once processed over 10,000 barrels per day. Beyond its practical function, it symbolized Iraq's Cold War-era economic diplomacy—a strategic energy foothold anchoring Baghdad's influence in the Horn of Africa. In response, Baghdad swiftly organized specialized legal and technical committees to probe Iraq's overseas asset landscape, beginning with Somalia and expanding to other countries hosting similar projects. The Ministries of Oil, Foreign Affairs, and Justice joined efforts to verify ownership, review documentation, and regularize the legal and tax status of each facility. Diplomacy Meets Armed Threat These recovery efforts are not new. In 2012, Iraq initiated one of its earliest serious missions to reclaim overseas properties, sending a delegation to Mozambique to inspect a state-owned asset—reportedly a former palace on a tourist island. What was intended as a routine diplomatic inspection quickly turned precarious. According to a diplomatic source briefing Shafaq News, the delegation encountered no official representatives but instead faced armed threats. An armed group controlling the site forced the Iraqi team to abort their mission and leave the country immediately. This incident epitomizes the broader, intricate challenge Iraq faces in reclaiming its scattered global properties. Similar attempts in Sudan, Chad, and parts of Eastern Europe have met comparable resistance. In many cases, local militias, privatized entities, or reorganized state bodies invoke laws on adverse possession or post-conflict redistribution to justify retaining control over assets Iraq insists are rightfully theirs. A Complex Recovery Preliminary valuations place these foreign holdings between $80 billion and $90 billion—an amount economists view as a vital resource for diversifying Iraq's income. With the 2024 federal budget totaling approximately $152 billion and crude oil exports accounting for 93% of revenues, recovering even 10% of these assets could contribute nearly 6% of the annual budget. Such a boost would provide a critical cushion against oil market volatility. Nonetheless, reclaiming these assets remains a complex endeavor. Legal experts highlight numerous obstacles, including statutes of limitations and protective court rulings that recognize new ownership, given Iraq's prolonged absence from these jurisdictions. Years of neglect have compounded the difficulty. Complicating matters further, Iraq's Parliamentary Integrity Committee acknowledges that a significant portion of ownership records was lost, stolen, or destroyed following the 2003 invasion. During the ensuing chaos, some properties transferred quietly to individuals or front companies linked to the former regime, while others vanished into legal limbo—abandoned, seized without challenge, or entangled in unclear ownership. The situation grows more complicated in countries like Italy and Nigeria, where inheritance claims, local investment restrictions, and debates over whether assets were held directly by the Iraqi state or through now-defunct shell companies create additional hurdles. In weaker judicial systems, forged documents have surfaced, supporting false ownership claims, while legitimate Iraqi cases face bureaucratic delays, political interference, and corruption. Faced with these challenges, Iraq's Anti-Corruption Commission warns that without a centralized, publicly accessible registry of foreign holdings, future recovery attempts risk repeating past failures. To bridge this gap, the Iraqi Foreign Ministry has launched a historical mapping initiative aimed at reconstructing records of foreign assets. This project taps into embassy archives, decades-old trade agreements, and files from the United Nations oil-for-food program. Retired diplomats and senior officials who managed these holdings during the 1980s and 1990s have also been called upon to help unravel the complex ownership puzzle. Legal specialists interviewed by Shafaq News emphasize the need for Iraq to move beyond initial inquiries and behind-the-scenes discussions. They recommend initiating formal legal proceedings before the International Court of Justice, alongside negotiating bilateral treaties with host countries to reaffirm Iraq's ownership claims. Equally important, they note, is the creation of accountability mechanisms to identify and address those who have benefited from or hidden these assets over the years.
Fox News
27-05-2025
- General
- Fox News
US conducts airstrike against Al Qaeda-linked militants in Somalia
U.S. forces conducted an airstrike against the al Qaeda-linked al-Shabab over the weekend in Somalia. The airstrike by U.S. Africa Command (AFRICOM) targeted an area nearly 40 miles northwest of Kismayo, Somalia, where al-Shabab was reportedly located. According to a press release from AFRICOM, al-Shabab "has proven both its will and capability to attack U.S. forces." "AFRICOM, alongside the Federal Government of Somalia and Somali Armed Forces, continues to take action to degrade al-Shabab's ability to plan and conduct attacks that threaten the U.S. homeland, our forces, and our citizens abroad," the press release read. No further details about units and assets were released to ensure continued security of operations. The East African country of Somalia has been wracked for decades by attacks and insurgency from Islamist terrorists, both from ISIS and al-Shabab. U.S. Africa Command reported in April that it had carried out four airstrikes: three against ISIS terrorists and one against al-Shabab. At least one of these strikes, the command stated, was against multiple targets. For years, the U.S. has helped Somali forces with airstrikes and other support against the al-Shabab extremist group. Somali President Hassan Sheikh Mohamud, in March, drafted a letter to Trump offering the U.S. exclusive access to air bases and seaports, which reignited tensions between the government of Somalia and the breakaway region of Somaliland, the Associated Press reported. In the letter, Somalia offered "exclusive operational control" over the Berbera and Baledogle air bases and the ports of Berbera and Bosaso to "bolster American engagement in the region." One of the ports, Berbera, is in a key city located in Somaliland, whose long assertion as an independent state has not received international recognition. Somaliland, a former British protectorate, declared independence from Somalia in 1991 after the collapse of the central government. It maintains its own government, security forces and currency and has held elections.
Egypt Today
18-05-2025
- Politics
- Egypt Today
Egypt condemns deadly terrorist attack at Somalia's Damanyo base
Somali people walk down the street in Mogadishu's Hamar Weyne market – FILE/AMISOM CAIRO – 18 May 2025: Egypt strongly condemned a terrorist bombing that took place in Somalia's capital, Mogadishu, on Sunday, killing and injuring dozens of people at the Somali army's Damanyo base. In a foreign ministry statement, Egypt reaffirmed its continued support for Somali national institutions and their security and military capabilities. Egypt stressed the necessity of empowering Somali state institutions to combat all forms of violence, terrorism, and extremism, and to establish control over the entire Somali territory. Egypt expressed its full solidarity with Somalia during this painful ordeal and extended its condolences to the Somali government and people, including the families of the victims, wishing a swift recovery to the injured. A suicide bomber ran into a queue of young recruits lining up at the military base, claiming the lives of at least 10 people, witnesses told Reuters. The attack comes a day after the assassination of battalion commander Colonel Abdirahmaan Hujaale in Somalia's Hiran region on Saturday. The government forces have been fighting Islamist militants of Al-Shabaab over the past two decades with the group conducting many attacks that especially targeted government officials and military personnel. Somalia's President Hassan Sheikh Mohamud narrowly survived an assassination attempt by Al-Shabaab in March.
Iraqi News
16-05-2025
- Business
- Iraqi News
Al-Sudani: All Arrangements Completed to Ensure Success of Arab Summit
Baghdad-INA Prime Minister Mohammed S. Al-Sudani affirmed on Friday, that all necessary arrangements have been made to ensure the success of the Arab Summit. The Media Office of the Prime Minister said in a statement received by the Iraqi News Agency (INA): that 'Prime Minister Mohammed S. Al-Sudani met today, Friday, with President of the Federal Republic of Somalia Mr. Hassan Sheikh Mohamud, who arrived in Baghdad to participate in the 34th Arab Summit, to be held tomorrow, Saturday, in the capital, Baghdad'. 'Prime Minister Al-Sudani affirmed that all necessary arrangements have been made to ensure the success of the Arab Summit and to issue resolutions that are commensurate with the scale of the Arab and regional challenges and developments,' the statement added. For his part, the President of the Federal Republic of Somalia expressed hope for the summit's success in Baghdad and highlighted the importance of the historical relationship between the two countries. He also affirmed Somalia's readiness to enhance bilateral economic cooperation, especially given the country's wealth and natural resources, in a manner that benefits both nations.
