In May 1901, William Knox D'Arcy Was Granted a Concession by the Shah of Iran to Search for Oil Which He Discovered in May 1908. This Was the First Commercially Significant Find in the Middle East. on 14 April 1909, the

In May 1901, William Knox D'Arcy was granted a concession by the Shah of Iran to search for oil which he discovered in May 1908. This was the first commercially significant find in the Middle East. On 14 April 1909, the Anglo-Persian Oil Company (APOC) was incorporated to exploit this.

In 1923, the company secretly gave£5,000 to future Prime Minister Winston Churchill to lobby the British government to allow them to monopolies Persian oil resources.

In 1935, it became the Anglo-Iranian Oil Company (AIOC).

After World War II, AIOC and the Iranian government initially resisted nationalist pressure to revise AIOC's concession terms still further in Iran's favors. But in March 1951, the pro-western Prime Minister Ali Razmara was assassinated.

The Majlis of Iran (parliament) elected a nationalist, Mohammed Mossadeq, as prime minister. In April, the Majlis nationalized the oil industry by unanimous vote.

The National Iranian Oil Company was formed as a result, displacing the AIOC.

The AIOC withdrew its management from Iran, and organized an effective boycott of Iranian oil. The British government - which owned the AIOC - contested the nationalization at the International Court of Justice at The Hague, but its complaint was dismissed.

By spring of 1953, incoming U.S. President Dwight D. Eisenhower authorised the Central Intelligence Agency(CIA) to organize a coup against the Mossadeq government with support from the British government.

On 19August 1953, Mossadeq was forced from office by the CIA conspiracy, involving the Shah and the Iranian military, and known by its codename, Operation Ajax. Mossadeq, prince (Shahzadeh) of Qajar Dynasty, was replaced bypro-Western general Fazlollah Zahedi, and the Shah, whore turned to Iran after having left the country briefly to await the outcome of the coup. The Shah abolished the democraticConstitution and assumed autocratic powers. After the coup, Mossadeq's National Iranian Oil Company became an international consortium,...