Mar 20, 2019 17:15 Asia/Tehran
  • Iran celebrates 68th anniversary of oil nationalization
    Iran celebrates 68th anniversary of oil nationalization

Iranian people on Wednesday have celebrated the 68th anniversary of oil nationalization of the country.

Iran Press/Iran news: The nationalization of the Iranian oil industry is a milestone in the history of the Middle East political developments. 

The nationalization of the Iranian oil industry resulted from a movement in the Iranian parliament (Majlis) to seize control of Iran's oil industry, which had been run by private companies, largely controlled by foreign interests. The legislation was passed on March 15, 1951, and was verified by the Majlis on March 17, 1951, Iran Press reported.

The legislation led to the nationalization of the Anglo-Persian Oil Company (AIOC).

From the time of the discovery of oil in Iran, foreign powers used force and exploited the weakness of the Iranian state to coerce it into concessions which allowed foreign companies to control oil extraction.

The nationalization of the oil industry was the response to these foreign interventions. Eventually, after a tense political period with the nationalization of the Iranian oil industry, Britain's hand was cut off from the Iranian oil industry, which led to the gradual withdrawal of the British from the region.

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