OPEC'S EVOLVING ROLE: D'Arcy concession centennial and OPEC today - an historical perspective

This article is a late-breaking adjunct to the special report that begins on p. 62. Click here to enlarge imageOn May 28, 1901, at Tehran's Sahebqaraniyyeh Palace, Muzaffar ul-Din Shah inked an 18-point concession granting William Knox D'Arcy, a British "rentier," the special rights for prospection, exploration, exploitation, transport, and sales of the following products: natural gas, petroleum, asphalt, and mineral waxes.The concession area covered some 1,242,000 sq km-"the whole of Persia, exception made of the five northern provinces." It was granted for 60 years. The Persian government was to receive 16% of the operating companies' net annual profits.1What looked like ye...

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