373. Editorial Note
In a statement issued in Tehran on August 5, 1954, Dr. Ali Amini, Chairman of the Iranian delegation to the oil talks, and Howard Page, Chairman of the negotiating group representing the oil company consortium, announced an agreement “which will restore the flow of Iranian oil to world markets in substantial quantities.” Under the agreement, two operating companies would be formed to run the oil fields and refinery in Iran on behalf of the NIOC (National Iranian Oil Company). The NIOC would in turn sell crude and refined oil to an international consortium of oil companies. The agreement would remain in force for 25 years, with the possibility of three 5-year extensions thereafter. For the text of the announcement, see Department of State Bulletin, August 16, 1954, pages 232–233.