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Iraq
/ History / Development of Oil Fields
In 1931 oil reserves in Iraq were exploited
by an agreement signed by the Iraqi government and the
Iraq Petroleum Company, an internationally owned organization
composed of Royal-Dutch Shell, the Anglo-Persian Oil
Company, French oil companies, and the Standard Oil
companies of New York and New Jersey. The agreement
granted the Iraq Petroleum Company the sole right to
develop the oil fields of the Mosul region, in return
for which the company guaranteed to pay the Iraqi government
annual royalties. Iraq gained independence in 1932.
In 1934 the company opened an oil pipeline from Mosul
to Tripoli, Lebanon, and a second one to Haifa, in what
is now Israel, was completed in 1936.
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