What does AIOC mean in COMPANIES & FIRMS
The Anglo Iranian Oil Company, commonly known as AIOC, is an energy company that was initially formed in 1908 through an agreement between the British government and a company founded by William Knox D'Arcy. The original purpose of the company was to explore for oil in Iran, then known as Persia. Over the years since its formation, the company has gone through several name changes and reorganizations but is still active today. AIOC is now owned by BP plc and holds significant investments in energy production across a number of countries in the Middle East region. In this article, we discuss what AIOC stands for and explain its role in the energy sector
![AIOC means Anglo Iranian Oil Company AIOC](/image/abbreviation/32297.png)
AIOC meaning in Companies & Firms in Business
AIOC mostly used in an acronym Companies & Firms in Category Business that means Anglo Iranian Oil Company
Shorthand: AIOC,
Full Form: Anglo Iranian Oil Company
For more information of "Anglo Iranian Oil Company", see the section below.
Essential Questions and Answers on Anglo Iranian Oil Company in "BUSINESS»FIRMS"
What is the Anglo Iranian Oil Company?
The Anglo Iranian Oil Company (AIOC) is a former British oil company which was active in Iran, or formerly known as Persia, from 1924 through to 1954. AIOC was one of the world's leading oil companies and represented British interests in the Middle East for 40 years.
Who owned the Anglo Iranian Oil Company?
The Anglo-Iranian Oil Company (AIOC) was founded in 1909 and it was initially owned by William D'Arcy and the British Government. In 1914, with D'Arcy having been compensated for his earlier losses, all of AIOC’s shares were bought by the British Government.
When did the Anglo Iranian Oil Company Operate?
The Anglo Iranian Oil Company operated in Iran from 1924 through to 1954 when it became a state-owned enterprise known as National Iranian Oil Corporation (NIOC).
What industrial activities took place at AIOC?
At its peak, the company had more than 17,000 employees working in various departments including exploration and production operations, refining, marketing and distribution services. As well as these activities, AIOC also ran transportation and drilling services.
Was there an agreement between Britain and Iran relating to AIOC's operations?
Yes, there was an agreement signed between Britain and Iran on March 20th 1933 with regard to AIOC's operations in Iran. This agreement became known as the "1933 Agreement" or "Iranian Consortium Agreement". It lasted until 1951 when it was suspended by Mohammad Mosaddegh upon nationalization of the company's assets.
Was there ever any foreign participation in AIOC?
Yes, after 1951 foreign participation increased significantly with major companies such as Shell taking part in joint venture agreements with the NIOC. There were also some limited foreign investments such as by American businesses that began during this period.
How did Anglo Iranian Oil Company end up being nationalized?
In 1951 Prime Minister Mohammad Mosaddegh initiated a campaign to nationalize AIOC which resulted in considerable tension between Iran and Britain leading up to 1953 whereupon Mossadegh organized a referendum approving its nationalization leading to its later rebranding as NIOC (National Iranian Oil Corporation).
How did nationalist movements impact upon AIOC's operations?
With nationalist movements on the rise within Iran culminating in Prime Minister Mosaddegh’s campaign for nationalization of
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