The Wealth of Oil and What It Meant for Iran

In May 1901, William Knox D’Arcy was granted a concession by the Shah of Iran to search for oil, which he discovered in May 1908 - The Wealth of Oil and What It Meant for Iran introduction. [17] This was the first commercially significant find in the Middle East. On 14 April 1909, the Anglo-Persian Oil Company (APOC) was incorporated as a subsidiary of Burmah Oil Company to exploit this. [17] In 1935, it became the Anglo-Iranian Oil Company (AIOC). [17] After World War II, AIOC and the Iranian government initially resisted nationalist pressure to revise AIOC’s concession terms still further in Iran’s favour. But in March 1951, the pro-western Prime Minister Ali Razmara was assassinated. 18] The Majlis of Iran (parliament) elected a nationalist, Mohammed Mossadeq, as prime minister. In April, the Majlis nationalised the oil industry by unanimous vote. [19]

The National Iranian Oil Company was formed as a result, displacing the AIOC. [20] The AIOC withdrew its management from Iran, and organised an effective boycott of Iranian oil. The British government – which owned the AIOC – contested the nationalisation at the International Court of Justice at The Hague, but its complaint was dismissed. [21] By spring of 1953, incoming U. S. President Dwight D. Eisenhower authorised the Central Intelligence Agency (CIA) to organise a coup against the Mossadeq government with support from the British government. [22] On 19 August 1953, Mossadeq was forced from office by the CIA conspiracy, involving the Shah and the Iranian military, and known by its codename, Operation Ajax. [22] Mossadeq was replaced by pro-Western general Fazlollah Zahedi[23] and the Shah, who returned to Iran after having left the country briefly to await the outcome of the coup. The Shah abolished the democratic Constitution and assumed autocratic powers

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