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COMMENT: Iranian oil industry, 100, showing wear

05/05/2008
The Iranian oil and gas industry approaches its 100th anniversary bloated, corrupt, and nearly bankrupt, managing four times the employees but two-thirds the oil production it had before the Islamic Revolution of 1978-79.The industry began life on May 26, 1908, when William K. D’Arcy discovered commercial amounts of oil in southwestern Iran, giving rise to Anglo-Persian Oil Co., later called Anglo-Iranian Oil Co. Its history, characterized by stormy relations between the Iranian government and international oil companies, includes nationalization, participation in the formation of the Organization of Petroleum Exporting Countries, growth coupled with technological advance, and event...
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