TEHRAN, May 26 (MNA) – By today, May 26, Iran’s oil industry will be 106 years old; however, the country still imports gasoline as one of the most oil-rich countries.

Today, May 26, 106 years ago, the first drops of oil was extracted from a well in Masjed Soleiman, southwestern Iran in the depth of 338 meters. It was a turning point in the history of the country.

The annals of National Iranian Oil Company History has it that with the surrender of the right to exploration and extraction of crude oil to a British national William Knox D'Arcy, and after 5 years of search for black gold, on May 26 1908, Iran had for the first time the priceless crude oil. D’arcy had obtained an exclusive concession the extraction and production of the black gold from inefficient Qajar kings to place oil pipelines across Iran (except Northern provinces) for 60 years during the era of Mozaffar-en-din Shah Qajar. For compensation, D’arcy should have paid Iranian court 16 per cent of the profits and 20,000 British pounds in cash.

Since then, the colonial powers eyed Iran’s underground sources and sought any opportunity to win concessions in the oil exploration and production.

After D’arcy’s concession cancelled by the Iranian government, additional Gass-Golshayan Agreement on oil exploration and extraction was imposed on Iran by British Oil Companies. 

When came to the Parliament, the Agreement garnered hostile treatment by representatives such as Ayatollah Kashani. The later events led to the nationalization of Iranian oil industries on March 18 1951 under the heroic command of Dr. Mohammad Mosaddeq, the prime minister under Mohammad Reza Shah Pahlavi.

SH/ZK
MNA
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News Code 102940

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