After the “blood of victory,” oil was associated with post-war politics, with oil at the heart of nations` strategies. Britain and France wanted control and influence of Mesopotamia (Iraq), as it was believed that the region had considerable oil potential. The British believed that they had secured their reserves with Anglo-Persian oil; However, the political composition of the region had changed. The French had secured access to the Mosul area in present-day northern Iraq. In 1912, before the First World War, the British became suspicious and worried by finding the Turkish Petroleum Company (TPC) also in the area interested in concessions. Deutsche Bank and Royal Dutch/Shell each held a quarter of TPC`s shares, with the remaining 50% owned by the National Bank of Turkey (TNB). It is interesting to note that the TNB was a British bank controlled with a minority (30%) Armenian millionaire Calouste Gulbenkian. Who had the “right” to allow access to oil? Who could negotiate access with the end of the Ottoman Empire? Gulbenkian, a major shareholder in the National Bank of Turkey, brought the British (Anglo-Persian) (50%), Deutsche Bank (Deutsche Bank) (25%) Together. and Royal Dutch/Shell (25%) In 1914, after long negotiations in the company, Turkish Petroleum Company.

He essentially sold the shares of TNB to Anglo-Persian. By the agreement of 19 March 1914, Anglo-Persian and Royal Dutch Shell each granted Shell Gulbenkian a “beneficial interest” of 2.5% each for a total of 5% (hence the name “Mr Five Percent”). Gulbenkian has put the whole market in place. It was not that he was walking around and had pushed all parties to agree, since the main part of the negotiations was Gulbenkian, who made sure he had an interest (5%) It`s secure. The common goal of the British, Germans and Royal Dutch/Shell was to have as much access as possible to speculative oil. Under the agreement, the TPC became the only entity to have access to concessions in the region within the Ottoman Empire, and all oil production had to be carried out jointly, since all parties had to accept the “refusal of self-refusal clause”. This clause required all parties involved in the agreement to cooperate or not at all. The investment would be shared and the benefits would be shared. The only territories of the Ottoman Empire excluded from the clause were Egypt, Kuwait and the territories on the Turko-Persian border. “After the creation of IPC, [Calouste] Gulbenkian insisted that consortium participants sign the Red Line Agreement (Yergin 1991: 203-6).

The red line was drawn on a map to define the territories that were once under the sovereignty of the Ottoman Empire, and the agreement stipulated that participants in the IPC consortium agreed to participate in the exploitation of oil, which was to be discovered within the red line exclusively by consortia of the same composition as the CPI. Therefore, if one of the members of the IPC consortium discovered oil or obtained a concession elsewhere within the red line, he would have to offer that asset to the remaining members in the same “geometry” as in the CPI. [3] Gulbenkian was a second-generation man in the oil industry; his vision of the oil industry, however, was as an economic architect.

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