ISLAMABAD: The Islamic Republic of Iran marks the 64th anniversary of the nationalization of its oil industry, which was a significant step in the country’s independence from the West, Press TV reported.
On March 20, 1951, members of the Iranian parliament passed a bill introduced by the country’s democratically-elected prime minister, Mohammad Mosaddeq, to nationalize Iran’s oil industry.
Mosaddeq’s decision was backed by his nationalist party as well as religious figures led by prominent cleric Ayyatollah Abolghassem Kashani.
The initiative put an end to Britain’s four-decade rule over Iran’s oil industry.
The Britain-owned Anglo-Iranian Oil Company (AIOC) enjoyed monopolistic control over the industry and used to pay only a small share of the revenues to the Iranian government.
Iran was the first country in the Middle East to reclaim its oil industry.
The Iranian nation’s move proved to be of great importance in giving rise to the anti-colonialist tendencies all over the region.