Majlis Ratifies New Oil Agreement

Majlis Ratifies New Oil Agreement... 28/05/1933 History, #AIOC, #APOC, #Abadan, #Abdolhossein_Teimurtash, #Anglo-Persian, #Anglo-Persian_Oil_Company, #British, #Hague, #International_Court_of_Justice, #Iran, #Iranian, #Majlis, #Nationalization_of_Oil, #Persia, #Persian, #Reginald_Hoare, #Reza_Shah, #Shah, #Teimurtash, #William_Knox_D'Arcy

The attempt to revise the terms of the oil concession towards a fair basis for Iran led to long negotiations that took place between Abdolhossein Teimurtash and Anglo-Persian Oil Company officials from 1925 to 1932. The British government had injected new capital into the company in 1913 and acquired a controlling interest in APOC, therefore in October 1931, Reginald Hoare was appointed Minister to Persia to safeguard the interests of APOC.
After seeing no outcome from negotiations, Reza Shah asserted his authority and personally got involved in the negotiations. In 1932, after publicly rebuking Teimurtash for his failure to secure an agreement, the Persian government cancelled the oil concession granted to William Knox D'Arcy in 1901. The British government on behalf of APOC brought the dispute before the International Court of Justice at Hague. Reza Shah suddenly retreated to British demands and a new agreement with the Anglo-Persian Oil Company was agreed in April 1933. The agreement was ratified by Majlis on May 28, 1933 and received Royal assent the following day. Teimurtash was arrested and sentenced to five years in prison where he died in solitary confinement on Oct, 3, 1933.
The agreement reduced the area under APOC control to 100,000 square miles, required annual payments in lieu of Iranian income tax, as well as guaranteeing a minimum annual payment of £750,000 to the Iranian government but it also extended the life of the D'Arcy concession by an additional 32 years, and company's operations were exempted from import or customs duties. APOC changed its name to AIOC in 1935. Abadan became the world's largest refinery before Iran's Nationalization of Oil in 1951....

Read more from Source »

Related articles based on keyword density
Imprisonment of Abdolhossein Teymourtash for Taking Bribe ... 25/06/1933 History
The primary foreign policy objective pursued by Iran during the early Pahlavi era was to loosen the economic grasp of foreign powers on Iran, and in p...View Details»

IRANIAN EAGLES: History of Aviation in Persia/Iran... 16/05/2016 Auto
IRANIAN EAGLES Civil and Military Aviation in Iran 1924-1949 Part 1 © Lennart Andersson *** Two Junkers F 13s were acquired from the Soviet Union ...View Details»

There was a Persian nationalist, there was a fading empire, and then, ... 26/11/2013 History
Hari Narayan The deal between Iran and the West is welcome. However, a deepening of relations has to involve recognition of the historical wounds inf...View Details»

A Taste of Persia in Los Angeles ... 08/06/2016 Cuisine
By Lauren R. Rublin Persian cuisine is among the most savory of Iran’s exports, and one of the best places to sample its herb-and fruit-laced dishes i...View Details»

GLOBAL TOP 1000 WEBSITES 2016 – Ratak IT... 16/03/2017 News
Ratak introduces global Top Websites of 2016 Data for table Top201702 1,Abarkooh,Armenia,Bahram 2,Bahram 3,Britain,Caesar,Carus,...View Details»