jun 1, 1972 - IPC nationalized
Description:
The Ba'ath Party decides to nationalize the Iraq Petroleum Company (IPC), a group of Western oil groups which has a monopoly on all oil exploration and production in the country. Previously, a majority of the company's profits were controlled by British, French, and Dutch industries, but its nationalization pushed production value into the hands of Iraq, causing intense struggle between the IPC and Iraqi government.Added to timeline:
Date:
jun 1, 1972
Now
~ 54 years ago