Anglo-Iranian Oil Company (AIOC)

The Anglo-Iranian Oil Company (AIOC), established in 1908, was a British enterprise that controlled Iran's oil industry. It was formed after the discovery of oil in Iran, with Britain securing exclusive rights to extract and export Iranian oil, generating significant revenue. The company’s operations and profits were heavily influenced by British interests, leading to local resentment and tensions. In 1951, Iran nationalized its oil resources, creating the National Iranian Oil Company, which led to a confrontation with Britain and the subsequent 1953 CIA-backed coup that restored the company’s influence. Today, it is known as BP (British Petroleum).