Following the victory of Islamic Revolution in 1979, for the first time the Iranians demonstrated their sovereignty on their oil reserves.
In recent years, the oil sector has laid the foundation for development of other sectors and created venues for promotion and development. With the victory of the Islamic Revolution, the oil industry moved toward national interests and independence and to this effect it set new goals.
To shake off oil-dependent economy, efforts were undertaken for development of petrochemical experts, establishment of convertible industries and gaining value-added.
Iran this year marks the 67th anniversary of the nationalization of its oil industry, which is viewed as a momentous breakthrough in the country’s independence from the West.
March 20, which marks the anniversary of nationalization of the oil industry is an official holiday on Iranian calendar.
On March 20, 1951, members of the Iranian parliament voted unanimously in favor of a bill introduced by the country’s then democratically-elected prime minister, Mohammad Mosaddeq, to nationalize Iran’s oil industry.
Mosaddeq garnered the support of his nationalist party and religious figures led by prominent cleric, Ayatollah Abolqasem Kashani, for the initiative.
The initiative put an end to Britain’s four-decade monopoly over Iran’s oil industry.
The planned coup in 1953 however toppled the democratically elected government of Mohammad Mossadeq and established a dictatorship in Iran.
Recalling unpleasant events of 1953, Imam once said that such nasty coup happened because of the then government had not attached enough significance to religious figures of that era. Imam also criticized the separation between religion and politics at the certain juncture of history.
The Islamic revolution’s victory in 1979 toppled the monarchial regime of Pahlavi and resulted in establishment of the Islamic-democratic system.
In 2013, the US Central Intelligence Agency released documents formally acknowledging the role it played alongside the British spy agency MI6 in the coup. Overthrowing Mosaddeq also strengthened the dictatorial rule of Iran’s deposed Shah Mohammad Reza Pahlavi who had just fled Iran following a power struggle with him.