• Short Summary

    In a nationwide television broadcast from the Iraqi Broadcasting Centre in Baghdad, on Wednesday (28 February), President Ahmed Hassan Bakr of Iraq announced details of a new oil nationalisation agreement.

  • Description

    In a nationwide television broadcast from the Iraqi Broadcasting Centre in Baghdad, on Wednesday (28 February), President Ahmed Hassan Bakr of Iraq announced details of a new oil nationalisation agreement.

    Under the terms of the agreement, the Iraq Petroleum Company (I.P.C.) representing the bulk of foreign oil operations in Iraq, will pay 141 million pounds sterling to the Iraqi government to settle "overdue Iraqi demands".

    The Company will also give up it Iraq/Lebanon pipeline, hand over any remaining northern oilfields, and raise production from its southern fields.

    In return I.P.C. -- which has been claiming compensation for the nationalisation of its north Iraqi fields last June and for expropriation measures in 1961 -- will receive 15 million tons of Iraqi crude oil worth about 120 million pounds sterling.

    The agreement was widely welcomed in Iraq because it boosted the country's oil revenues, while simultaneously increasing still further Iraqi control over its oil resources.

  • Tags

  • Data

    Film ID:
    VLVA7UDQJCC8EBI71LUEFXIRKFC7J
    Media URN:
    VLVA7UDQJCC8EBI71LUEFXIRKFC7J
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    04/03/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:00:55:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment