Anglo-Iranian Oil Company

The Anglo-Iranian Oil Company (AIOC) was founded in 1909, as the Anglo-Persian Oil Company, following the discovery of a large oil field in Masjed Soleyman, Iran .

Related Topics:
1909 - Oil - Masjed Soleyman - Iran

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William Knox D'Arcy had negotiated a 60 year oil concession with the Shah of Persia in 1901 but within a few years was almost bankrupted by the cost of exploration. He sold his interest to the Burmah Oil Company who created APOC as a subsidiary, and also sold shares to the public.

Related Topics:
William Knox D'Arcy - Shah - Persia - 1901 - Burmah Oil Company

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Volume production of Persian oil products eventually started in 1913 from a refinery built at Abadan. The British Royal Navy, through Winston Churchill, partly nationalised the company in 1913 in order to secure British-controlled oil supplies for its ships.

Related Topics:
Oil - 1913 - Abadan - Royal Navy - Winston Churchill

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APOC took a 50% share in a new Turkish Petroleum Company organised in 1912 by Calouste Gulbenkian to explore and develop oil resources in the Ottoman Empire. After a hiatus caused by World War One it reformed and struck an immense gusher at Kirkuk, Iraq in 1927, renaming itself the Iraq Petroleum Company.

Related Topics:
Turkish Petroleum Company - 1912 - Calouste Gulbenkian - Ottoman Empire - World War One - Kirkuk - Iraq - 1927 - Iraq Petroleum Company

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The Anglo-Persian Oil Company continued its large Persian operations although it changed its name to the AIOC in 1935. By 1950 Abadan had become the world's largest refinery. In spite of diversification the AIOC still relied heavily on its Iranian oil fields for three-quarters of its supplies, and controlled all oil in Iran. The Iranian government wanted to take a significant share in the company, and would not negotiate when only offered a larger share of revenues. This culminated in the nationalization of the industry by Mohammed Mossadeq in 1951, which led to the Abadan Crisis. Foreign countries refused to take Iranian oil and Abadan refinery was closed. AIOC withdrew from Iran and traded off its other reserves until military intervention restored its ownership in 1954, although it lost its monopoly. It was forced to operate as one member of a consortium of Iranian Oil Participants.

Related Topics:
1935 - 1950 - Nationalization - Industry - Mohammed Mossadeq - 1951 - Abadan Crisis - 1954 - Iranian Oil Participants

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In the same year AIOC changed its name to The British Petroleum Company.

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