International Oil Consortium

International Oil Consortium

 

an association of several petroleum monopolies (of the USA, Great Britain, France, and other countries).

The International Oil Consortium was founded in 1954 to exploit Iranian oil and to replace the Anglo-Iranian Oil Company (created in 1909), whose enterprises were nationalized by Iran in 1951. The consortium’s share in mid-1973 came to more than 90 percent of Iran’s oil production. Monopolies in the USA and Great Britain played a leading role in the consortium (40 percent of the consortium’s shares belonged to American companies and the British Petroleum Company). In mid-1973 an agreement was concluded between Iran and the consortium that obligated the consortium to hand over all its oil fields and refineries to the National Iranian Oil Company (created in 1951). The agreement also stipulated that Iranian oil would be sold over a period of 20 years to the companies of the consortium in proportion to their participation in it; under the conditions of the agreement the companies preserved the opportunity to control the production and export of the oil and other operations associated with the petroleum industry in the region in which the consortium had been active.

M. S. IVANOV

References in periodicals archive ?
Areas in dispute with Azerbaijan consist of Serdar, an oilfield on the Caspian maritime boundaries known in Baku as Kyapaz, and the Azeri and Chiraq oilfields which have been developed by the BP-led Azerbaijan International Oil Consortium (see survey of Azerbaijan in Nos.
3% of the Azerbaijan International Oil Consortium, brings another major integrated producer to Azerbaijan.
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LUKoil was the first among the Russian oil companies to invest in E&P outside the country after the collapse of the USSR as it joined the Azerbaijan International Oil Consortium (AIOC) that was formed in 1994.
Dr Terry Adams Education 1949-1956 Neath Grammar School 1956-1963 University College of Wales Aberystwyth 1960 BSc (Hons) Geology 1963 PhD Micropalaeontology Professional Career 1963-1969 Shell International Petroleum Research Stratigrapher Shell Research Laboratories, The Hague Holland Petroleum Geologist, International Oil Consortium Iran 1969-1998 British Petroleum.
The Caspian reserves were discovered in July 2000 by an international oil consortium, involving a Japanese government-funded oil exploration firm.
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Areas in dispute with Azerbaijan consist of Serdar, an oilfield on the Caspian maritime boundaries known in Baku as Kyapaz, and the Azeri and Chiraq oilfields which developed by the BP-led Azerbaijan International Oil Consortium (see survey of Azerbaijan in Nos.
The economy's one bright spark is oil, with output from the largest international oil consortium, the Azerbaijan International Operating Company (AIOC), expected to come on-stream by mid-1997.

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