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| quote: | Originally posted by Trancer-X
I think you're confusing the (once) sovereign nation of Iraq with the French and British Colonial powers...
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Close but you kind of mentioned it...
In 1961, the revolutionary government of General Qassem passed Public Law 80, which dispossessed the IPC* and nationalised 99.5% of its concession areas in Iraq, leaving it to operate only in those areas currently in production and to transfer control over all matters connected with oil, to an Iraq National Oil Company (INOC) to exploit the new territory.
The IPC wasn't devoid of current production but all previous government approved IPC proven reserves that had not been under prodution, was now dull and void.
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IPC - The Iraq Petroleum Company was set up in 1920 as the Turkish Petroleum Company following the defeat and break-up of the Ottoman Empire after World War I and with the shares held by three oil companies, Anglo-Iranian Oil Company, Royal Dutch/Shell and a French oil company, Compagnie Française des Pétroles and one individual, Calouste Gulbenkian, who held 5% of the shares. It was renamed the Iraq Petroleum Company in 1929.
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>>Source<<
In 1971, the Iraqi government nationalised the remaining interests. This resulted in major increases in revenues for the Baath party government under Saddam Hussein to pursue massive infrastructure projects (and fund his regime).
There's a lot more info >>here<<
My use of the word, 'stole' could be considered harsh as Iraq did give some consessions.
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1972
Jun 1
Iraq nationalizes Iraq Petroleum Company's (IPC) concession owned by British Petroleum, Royal Dutch-Shell, Compagnie Francaise des Petroles, Mobil and Standard Oil of New Jersey (now Exxon). The concessions were valued at over one billion dollars.
Jun 9
In a show of support for Iraq, OPEC moves to prevent companies whose interests were nationalized in Iraq from increasing production elsewhere; appoints mediators between Iraq and IPC.
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But as we can see, it starts to get real messy with OPEC getting involved and geopolitical/cultural intricacies ensue.
I digress, however one could say that Iran's quest for nuclear arms is a clear case of sovranty much like Iraq's choice of booting everyone out of their country.
I'm not blaming Iraq for their choice but they did bite the hand that was feeding them and created a backlash that has been lasting decades. (We all know there's a much larger arguement in here).
Iran, with their current pursuit will upset an already ice-thin balance yet again in the region and could create an arms race between adjoining countries which we already know are unstable or hostile to global interactions unless it fits their needs.
I wish I could believe Iran when they say it's for their energy needs but they haven't actually injected any positive actions or support for their arguement; my feelings are sceptical at best.

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"...End? No, the journey doesn't end here. Death is just another path...one that we all must take.
The grey rain-curtain of this world rolls back, and all change to silver glass...and then you see it...
...white shores...and beyond...the far green country under a swift sunrise."
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