Anglo-Iranian Oil Company
From New World Encyclopedia
The Anglo-Persian Oil Company (APOC) was founded in 1908, following the discovery of a large oil field in Masjed Soleiman, Iran. It was the first company using the oil reserves of the Middle East. APOC was renamed Anglo-Iranian Oil Company (AIOC) in 1935, and eventually became the British Petroleum Company (BP) in 1954, as one root of the BP Company today. For half a century, profit from the company flowed into European hands. Not only did the British government own a majority share but revenue that Iran did receive was used to re-pay debts owed to European creditors, which earlier shahs had incurred. Other cheap concessions in Iran were also obtained by Europeans, to their benefit and Iran's cost.
The company, too, reneged on agreements to train Iranian technicians and engineers. It paid Iranians considerably less than foreigners and accommodated Iranian workers in sub-standard housing. The 1953 Iranian coup d'état, which supported the reigning Shah and removed an elected Prime Minister, was sparked by the company's nationalization. After the coup, a new contract was negotiated giving Iran a 50 percent share.
Iran's subsequent alienation from the West (beginning in 1979), which owes much to how the Anglo-Iranian Oil Company profited from exploiting Iran's oil over many years, can be attributed in part to the irresponsible way that a "game" was played in other people's territory, with little thought to what the consequences might be. The degree to which the prosperity of former colonial powers was gained at the cost of others is an issue that a world community of nations committed to justice and a fairer distribution of resources needs to address.
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