On This Day
·

Iraq and Iraq Petroleum Company (IPC) reach an agreement on compensation for nationalization

The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and...

The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961. It was jointly owned by some of the world's largest oil companies and headquartered in London, England.

In June 1972, the Ba'athist government in Iraq nationalized the IPC, and its operations were taken over by the Iraq National Oil Company. The company "Iraq Petroleum Company" still remains extant, although only in paper form.

Historical Significance

The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961.

Events Before

  1. International Book Year begins

    International Book Year begins

  2. LA Lakers defeat the Atlanta Hawks 134-90 for their 33rd straight win, the longest winning streak in major professional

    LA Lakers defeat the Atlanta Hawks 134-90 for their 33rd straight win, the longest winning streak in major professional sports

  3. Bernice Gera wins an anti-discrimination case against the National Baseball Congress, filed on March 15, 1971, allowing

    Bernice Gera wins an anti-discrimination case against the National Baseball Congress, filed on March 15, 1971, allowing her to umpire

  4. Bloody Sunday: 27 unarmed civilians are shot (14 are killed) by the British Army during a civil rights march in Derry, N

    Bloody Sunday: 27 unarmed civilians are shot (14 are killed) by the British Army during a civil rights march in Derry, Northern Ireland; the highest death toll from a single shooting incident during 'The Troubles'

  5. Bob Douglas is the first African American elected to the Basketball Hall of Fame

    The Naismith Memorial Basketball Hall of Fame, located in Springfield, Massachusetts, honors players who have shown exceptional skill at basketball, all-time great coaches, referees, and other major…

Events After

  1. Ernie DiGregorio of Buffalo hands out 25 assists in the Braves' 120-119 win over Portland, establishing an NBA single-ga

    Ernie DiGregorio of Buffalo hands out 25 assists in the Braves' 120-119 win over Portland, establishing an NBA single-game record for assists by a rookie

  2. Lee MacPhail takes over as AL president, succeeding Joe Cronin

    Lee MacPhail takes over as AL president, succeeding Joe Cronin

  3. Science fiction TV series "The Six Million Dollar Man" premieres on ABC, starring Lee Majors

    The Six Million Dollar Man is an American science fiction and action television series, running from 1973 to 1978, about a former astronaut, USAF Colonel Steve Austin, portrayed by Lee Majors.

  4. Barbra Streisand's first #1 hit, "The Way We Were"

    The Way We Were is the fifteenth studio album recorded by American singer Barbra Streisand.

  5. Mel Brooks' western spoof film "Blazing Saddles," starring Cleavon Little and Gene Wilder, premieres at the Pickwick Dri

    Mel Brooks' western spoof film "Blazing Saddles," starring Cleavon Little and Gene Wilder, premieres at the Pickwick Drive-In in Burbank, California; patrons watch from horseback rather than cars

More from the 1970s

death

Erroll Garner dies

Erroll Garner dies

birth

Chai Jing is born

Chai Jing, Chinese journalist and environmental activist, known for chinese journalist and environmental activist, was born on 1976-01-01. Chai Jing is a Chinese journalist.

Charles "Chub" Feeney becomes the President of Major League Baseball's National League

Charles Stoneham "Chub" Feeney (August 31, 1921 – January 10, 1994) was an Irish-American front office executive in Major League Baseball.

Cigarette advertisements are banned from broadcast media in the US

Cigarette advertisements are banned from broadcast media in the US

Frequently Asked Questions

What happened on February 28, 1973?
The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961. It was jointly owned by some of the world's largest oil companies and headquartered in London, England. In June 1972, the Ba'athist government in Iraq nationalized the IPC, and its operations were taken over by the Iraq National Oil Company.
Why is Iraq and Iraq Petroleum Company (IPC) reach an agreement on compensation for ... significant?
The Iraq Petroleum Company (IPC), formerly known as the Turkish Petroleum Company (TPC), is an oil company that had a virtual monopoly on all oil exploration and production in Iraq between 1925 and 1961.

Explore More

February 28 in HistoryYear 1973