Al Qaeda Insurgents Surround Iraq's Largest Refinery Submitted by Tyler Durden on 06/12/2014 11:03 -0400
While there had been sporadic reports over the past few days that Al Qaeda's ISIS spinoff had surrounded or even taken control of Iraq's largest refinery in Baiji, the government was quick to deny such rumors. As was reported earlier, the Baiji refinery remained under government control on Thursday after Sunni rebels' offensive through northern Iraq, Iraqi Oil Minister Abdul Kareem Luaibi said. Luaibi said Iraq was not importing any additional fuel and that stored supplies of gasoline and diesel were good.
Zitat Militants from an al Qaeda splinter group, who seized Iraq's second biggest city of Mosul this week, advanced into the oil refinery town of Baiji on Wednesday, setting the court house and police station on fire.
"Baiji refinery is totally secured by the special forces and operating normally now," an official at the refinery said on Thursday.
It may be time to hit F5, because a few short hours later, and moments ago, Reuters reported that the Baiji refinery appears set to fall in Al Qaeda's hands.
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So with the Al Qaeda spin off, now armed with the latest US weapons and with nearly half a billion in petty cash courtesy of yesterday's Mosul raid, the insurgents are about to have direct control over several hundred thousands b/d of energy output.
All they need is a central bank. We are confident Goldman can spare a partner to run it.