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The Anglo-Iranian Oil Company During Nationalisation, 1951

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The Anglo-Iranian Oil Company During Nationalisation, 1951 Oil Nationalisation and Managerial Disclosure: The Case of Anglo-Iranian Oil Company, 1933-1951 Neveen Talaat Hassan Abdelrehim BA (Hons) Accounting, MA Accounting A Doctoral Thesis Submitted in partial fulfilment of the requirements for the award of The Degree of Doctor of Philosophy of The University of York The York Management School September 2010 Table of Contents Page Summary of Thesis ---------------------------------------------------------------------------- v Acknowledgments ----------------------------------------------------------------------------- vi Declaration ------------------------------------------------------------------------------------ viii List of Abbreviations ------------------------------------------------------------------------- ix List of Tables ----------------------------------------------------------------------------------- xi List of Figures --------------------------------------------------------------------------------- xii List of Appendices --------------------------------------------------------------------------- xiii Chapter 1: Introduction ---------------------------------------------------------------------- 1 1.1 Introduction ---------------------------------------------------------------------------- 1 1.2 Background of the research --------------------------------------------------------- 4 1.3 Research Problem and Research Questions --------------------------------------- 6 1.4 Research objectives ------------------------------------------------------------------- 7 1.5 Motivation of the study -------------------------------------------------------------- 8 1.6 Conceptual framework -------------------------------------------------------------- 10 1.7 Methodology-------------------------------------------------------------------------- 16 1.7.1 The use of secondary data and archival sources in historical analysis -- 18 1.7.2 The use of empirical evidence in historical analysis ----------------------- 18 1.8 Structure of the thesis --------------------------------------------------------------- 23 Chapter 2: AIOC History, oil and Iranian politics (History and Debates)------- 26 2.1 Introduction --------------------------------------------------------------------------- 26 2.2 The establishment of the AIOC ---------------------------------------------------- 26 2.2.1 The importance of oil----------------------------------------------------------- 27 2.2.2 The D‟Arcy concession -------------------------------------------------------- 28 2.3 AIOC‟s domination in Iran --------------------------------------------------------- 29 2.3.1 1933 Agreement ----------------------------------------------------------------- 32 2.3.2 1947 negotiations and the Supplemental Agreement ---------------------- 34 ii 2.4 Nationalisation in 1951 ------------------------------------------------------------- 37 2.4.1 Musaddiq‟s motivations for nationalisation --------------------------------- 47 2.4.2 Senior Management (Fraser) -------------------------------------------------- 52 2.5 Negotiations to reach a settlement after AIOC‟s nationalisation ------------- 57 2.5.1 The Stokes mission ------------------------------------------------------------- 59 2.5.2 Undermining Musaddiq -------------------------------------------------------- 61 2.5.3 Coup in 1953 and NIOC ------------------------------------------------------- 62 2.6 Summary ------------------------------------------------------------------------------ 66 Chapter 3: Employee relations and Iranianisation------------------------------------ 68 3.1 Introduction --------------------------------------------------------------------------- 68 3.2 Iranianisation: Claims and Counter Claims -------------------------------------- 70 3.2.1 Iranianisation and Article 16 -------------------------------------------------- 71 3.2.2 Negotiating Iranianisation and Article (16) --------------------------------- 73 3.3 Iranian claims for discrimination within the AIOC: Empirical evidence ---- 79 3.3.1 Housing --------------------------------------------------------------------------- 84 3.3.2 Wages ----------------------------------------------------------------------------- 88 3.3.3 Medical Treatment -------------------------------------------------------------- 90 3.4 Counter Claims by the AIOC: Empirical Evidence ----------------------------- 92 3.4.1 The Public and Private position of the AIOC senior management ------ 92 3.4.2 Review of empirical evidence ------------------------------------------------- 99 3.5 Summary ---------------------------------------------------------------------------- 101 Chapter 4: Profit distribution by the AIOC ------------------------------------------ 103 4.1 Introduction ------------------------------------------------------------------------- 103 4.2 The 1933 concession: Claims and Counter Claims --------------------------- 105 4.3 Iranian Claims and AIOC Counter claims: Empirical Evidence ------------ 108 4.3.1 Difference in the value of gold ---------------------------------------------- 108 4.3.2 Taxes and Immunities -------------------------------------------------------- 110 4.3.3 Company‟s Reserves and Profits ------------------------------------------- 113 4.3.4 Royalties ----------------------------------------------------------------------- 124 4.3.5 Dividends ---------------------------------------------------------------------- 129 4.3.6 Subsidiaries (Establishments outside Iran) -------------------------------- 130 4.3.7 The financial inspection of the companys books ------------------------- 132 iii 4.3.8 The price of oil products ----------------------------------------------------- 134 4.3.9 Period of the concession ----------------------------------------------------- 135 4.3.10 Company‟s shares ------------------------------------------------------------- 136 4.4 Tactical Plans of AIOC to face Iranian accusations: Empirical Evidence ----------------------------------------------------------------------------- 137 4.5 Response of Fraser to Iranian accusations: Empirical Evidence ------------ 141 4.6 Summary ---------------------------------------------------------------------------- 146 Chapter 5: The AIOC’s Stock Market reaction to nationalisation: Event Analysis and empirical results -------------------------------------------- 149 5.1 Introduction ------------------------------------------------------------------------- 149 5.2 Methodology------------------------------------------------------------------------ 151 5.2.1 Event Study -------------------------------------------------------------------- 151 5.2.2 Market Efficiency ------------------------------------------------------------- 154 5.2.3 Data ----------------------------------------------------------------------------- 157 5.2.4 Market Adjusted Model ------------------------------------------------------ 159 5.2.5 Hypotheses Testing ----------------------------------------------------------- 162 5.3 Analysis ----------------------------------------------------------------------------- 164 5.3.1 Historical Analysis ------------------------------------------------------------ 164 5.3.2 Event Window ----------------------------------------------------------------- 171 5.3.3 Economic impact of nationalisation on AIOC investors ---------------- 172 5.3.4 Information impact of nationalisation on AIOC investors -------------- 174 5.4 Summary ---------------------------------------------------------------------------- 181 Chapter 6: Conclusion --------------------------------------------------------------------- 184 6.1 Introduction ------------------------------------------------------------------------- 184 6.2 Conclusions from the study ------------------------------------------------------ 184 6.3 Reflections -------------------------------------------------------------------------- 196 6.4 Usefulness of research methods ------------------------------------------------- 198 6.5 Limitations of this study ---------------------------------------------------------- 198 6.6 Contribution to knowledge ------------------------------------------------------- 199 6.7 Suggestions for further research ------------------------------------------------- 201 Appendices ----------------------------------------------------------------------------------- 203 Bibliography --------------------------------------------------------------------------------- 226 iv Summary of Thesis The principal aim of this thesis is to contribute towards the understanding of the Anglo-Iranian Oil Company (AIOC, now British Petroleum) practices in Iran and thereby providing a clear picture of how nationalisation evolved on 1st May 1951 and how it was perceived by the stock market. Nationalisation brought into sharp focus issues affecting key AIOC stakeholder groups, including Iranian employees, Iranian government and UK investors which became the subject of claim and counter-claim from the AIOC board and Iranian nationalist opinion. As a consequence of these disputed claims, a propaganda battle became a crucial ingredient of the crisis, not least because a key objective of the AIOC management was to maintain investor confidence in the face of a major threat to its asset base but also reflecting the AIOC‟s ability to defend itself from the claims made by the Iranian government about unfairness in the sharing of proceeds, and discrimination against Iranians. In fact, this was crucial in absolving the company from any blame for the international crisis. As a result, in considering the above
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