The famous Red Line Agreement, signed July 1928, created a closely held oil monopoly within the circumscribed area.
BP Archive/BP plc
The red line drawn on this map is intended to follow the following lines:
A-B.- The frontier defined by the Treaty of Berlin of 13th July 1878 and by the Treaty of San Stefano of 3rd March 1878.
B-C.- The frontier demarcated by the Turco-Persian Frontier Commission in 1913-14 on the basis of the Protocol signed at Constantinople on the 4(17) November 1913 excepting in sectors a-b and c-d where the red line is intended to follow the line of the previous de facto frontier described on page 139 and 140 of the Minutes of the Frontier Commission in a note dated the 1/14th October 1914 by the Russian and British Commissioners.
C-D-E.- The limit of territorial waters of the Arabian peninsula excepting the Sultanate of Koweit and the Farsan Archipelago.
E-F.- The frontier defined by the Anglo-Turkish convention of 1st October 1906.
F-G.- The red line is intended to follow the decision of the Conference of London on the 13th February 1914 in execution of Article 5 of the Treaty of London of 17/30th May 1913 and Article 15 of the Treaty of Athens of the 1/14th November 1913.
G-H.- The frontier defined by the Treaty of Constantinople on the 16/29th September 1913.
H-A.- The limit of the territorial waters of Turkey in the Black Sea.
Territory within which the Turkish Petroleum Company operated according to the Red Line Agreement, 1928.
According to this 1928 agreement, the oil companies that were partners in the TPC agreed not to seek oil independently of each other within the territory bounded by the red line. The partners were the Anglo-Persian Oil Company, Shell, the Compagnie française des pétroles, the Near East Development Corporation (a consortium of 5 US oil companies), and Calouste Gulbenkian (the British Armenian businessman who facilitated the agreement). Gulbenkian (“Mr. Five Percent”) held 5% of the shares and each of the other partners held 23.75%. The TPC would be renamed the Iraqi Oil Company the following year.
The Agreement held until 1948, when the remaining NEDC members, Jersey Standard and Socony-Vacuum, broke free of their obligations to partner with ARAMCO in Saudi Arabia.
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