Iran Oil Nationalization Revisited
EghtesadOnline: The fate of oil management fell into the hands of the revolutionary government in February 1979 and the National Iranian Oil Company began to run all oil sectors, but has oil really been nationalized 72 years after such a declaration?
First discovered in 1908 by British companies at Masjed Soleyman, oil gradually assumed a key role in Iran’s economy and public livelihood.
It was explored and sold by foreigners up until March 1951, but calls for its nationalization were already being raised by national and religious forces under the leadership of Mohammad Mosaddegh, Iran’s 35th prime minister who assumed office from 1951 to 1953.
Following increasing pressure from political groups and the press as well as people, the nationalization of oil was finally approved by the Iranian Parliament on March 15, 1951, and the Iranian Senate on March 20 of the same year.
Morteza Afqeh, an economist, prefaced his article for the Persian daily Etemad with these statement. A translation of the text follows: