One of the most surprising outcomes of the recent 34th Arab League Summit in Baghdad was the unexpected discovery of Iraq forgotten oil refinery in Somalia.
This forgotten major oil refinery is an asset that had gone unnoticed by successive Iraqi governments since the 2003 U.S. invasion.
During a sideline meeting at the summit, Somali President Hassan Sheikh Mohamud informed Iraqi Prime Minister Mohammed Shia’ Al-Sudani of an existing Iraqi-owned oil refinery located in Somalia.
The Somali president called for its urgent maintenance and rehabilitation, catching the Iraqi delegation off guard with the revelation.
Iraq Forgotten Oil Refinery is Not the Only Forgotten Investment
The announcement was reminiscent of a previous incident in which Iraq discovered it owned tea farms in Vietnam.
The tea farms are investments that were made decades ago as part of a national strategy to achieve agricultural self-sufficiency.
These assets were forgotten until the Vietnamese government publicly disclosed their existence.
Following the Somali president’s revelation..
Iraqi government spokesman Basem Al-Awadi confirmed that the PM was indeed surprised to learn that Iraq owns the largest oil refinery in Somalia, which dates back to the 1970s.
The refinery is currently out of service and in poor condition, prompting calls for its rehabilitation.
Legacy of Iraq’s Overseas Assets
Iraq has historically maintained a range of international investments in sectors like energy and agriculture.
Especially from the 1960s through the 1980s.
However, after the 2003 U.S.-led invasion and the subsequent dismantling of Iraq’s state institutions, many of these foreign assets were forgotten or went undocumented.
Due to widespread looting, mismanagement, and the loss of official records.
The discovery of Iraq forgotten oil refinery in Somalia presents an opportunity for Iraq to reclaim and revitalize its forgotten global investments.
The incident also underscores that Iraq needs to conduct a comprehensive audit of its overseas assets and reintegrate them into its national development strategy.
Call for Iraqi-Somali Energy Cooperation
President Hassan Sheikh Mohamud also proposed strengthening bilateral cooperation in the energy sector.
He suggested that Iraq could benefit from re-establishing its presence in East Africa.
Rehabilitating Iraq forgotten oil refinery in Somalia could serve as a strategic step in expanding Iraq’s global energy footprint while supporting Somalia’s economic recovery.
