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The 1973 Sale and Purchase Agreement was a 20-year agreement pressured by the Shah of Iran on the oil consortium that nullified The Consortium Agreement of 1954 and provided the National Iranian Oil Company with complete control of Iranian petroleum nationalizing the nation's oil reserves.
The National Iranian Oil Company (NIOC; Persian: شرکت ملّی نفت ایران, romanized: Sherkat-e Melli-ye Naft-e Irān) is a government-owned national oil and natural gas producer and distributor under the direction of the Ministry of Petroleum of Iran.
The dispute was finalized with the incorporation of a 25-year international Oil Consortium Agreement of 1954, dividing the aforementioned 50% ownership to foreign companies as follows. 40% to be divided equally (8% each) among the five major American companies; British Petroleum to have a 40% share; Royal Dutch/Shell to have 14%; and CFP, a French Company, to receive 6%.
Two Texas men convicted by a U.S. jury in November of trying to sell Iranian petroleum in violation of sanctions imposed by Washington and of conspiracy to commit money laundering were sentenced ...
The Trump administration escalates its campaign against Iran by targeting its oil exports; State Department correspondent Rich Edson reports. US ends waivers for countries buying Iranian oil ...
Iran's oil buyers outside the United States will stop or reduce purchases because of secondary sanctions applied on foreign companies that use the U.S. banking system. Iranian oil: 40 years of ...
Iran's oil industry began in 1901, when British speculator William D'Arcy received a concession from Iran to explore and develop southern Iran's oil resources. The exploration in Iran was led by George Reynolds. The discovery of oil on May 26, 1908 [13] led to the formation in 1909 of the London-based Anglo-Persian Oil Company (APOC). By ...
China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been top importers of Iran’s oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer.