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Nationalization of Iranian Oil Industry

Esfand 29

The National Consultative Assembly, during Prime Minister Dr. Mohammad Mossadegh's tenure, passed the law nationalizing Iran's oil industry. This day coincided with Nowruz Eve.

Fun Facts

Before nationalization, the Anglo-Iranian Oil Company split profits: 84% for Britain, only 16% for Iran! After nationalization, Britain boycotted Iran, eventually leading to the 1953 coup that overthrew Mossadegh. March 20 is now observed as "Oil Nationalization Day" in Iran.

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