Rethinking “Oil Nationalism”: The Case of Anglo Iranian Oil Company (AIOC)

In the early twentieth century, Great Britain began a new wave of imperialism, focusing on areas in the Middle East strategic to enhance their trade. Iran was one of the countries in which Britain gained enormous power and influence. This power was derived from its control of Iranian oil resources, through the Anglo Iranian Oil Company (AIOC). After many years of AIOC producing oil in Iran with Iranian Government support, a wave of economic nationalism led to the nationalization of AIOC in 1951 by the Iranian Prime Minister Musaddiq. The nationalization of the AIOC angered the British and seemed part of a growing pattern of pressure on their interests culminating in wresting Musaddiq from the control of the oil industry. As a result, in considering the above effects, by using AIOC as a case study, a textual analysis of the Chairman's Statement to Shareholders is conducted and the validity of the Statements is reappraised with reference to historical evidence.