1973 Sale and Purchase Agreement

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The 1973 Sale and Purchase Agreement was a 20-year agreement pressured by the Shah of Iran on the oil consortium that nullified The Consortium Agreement of 1954 and provided the National Iranian Oil Company with complete control of Iranian petroleum nationalizing the nation's oil reserves.^[1][2] By 1975, western oil companies complained of the agreement and demanded renegotiation marking the first time in history that oil companies rather than the oil producing nations sought to negotiate an oil contract.^[3]