Iran Announces Nationalization of Foreign Oil Interests
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Government and Politics, Diplomacy, International Relations, Foreign Affairs, Economics, Natural Resources
- Subcategories: Business, Energy, Fuel, Power Sources
- Curriculum: Middle Eastern History
- Geographical Location: Middle East, Iran
- Date: March 20, 1973
Article abstract: By nullifying a contract with oil companies that was not due to expire until 1979, Iran set the stage for crucial events in the history of world economic relations.
Summary of Event
On March 16, 1973, the shah of Iran, Mohammad Reza Shah Pahlavi, announced that oil companies had handed over operation of the Iranian oil industry. Foreign-owned oil companies were to become customers for rather than producers of oil from Iran. On March 20, the shah announced that the takeover would take effect on that day, and that production and refining...
[The entire page is 2246 words long]
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