Consortium Agreement of 1954

The Consortium Agreement of 1954 (Persian: قرارداد کنسرسیوم) provided Western oil companies with 40% ownership of Iranian oil production after its ratification in 1954 expiring in 1979.^[1] In spite of numerous negotiations and offers, Mohammad Reza Shah refused to extend the Agreement which originally and clearly postulated that the Consortium had the right to prolong it 15 years (3 times 5 years).