Tala'at Al-Shaibani and Oil Negotiation with Foreign Companies (1960-1961)

Abstract

Oil became the most important resources of power in the world after the World War I. Most of the countries that produce oil, which their product was ran by the great global companies. Because of the oil funds are important resource in the budget of the productive country and also the monopolistic companies control these products, the productive countries tended to negotiate with the monopolistic companies which work in their countries to increase the rate of profits of productive countries with the authorization of running their products.On the light of that, negotiation were carried out after the 14th of July 1958 revolution between Iraq republic and the monopolistic companies. The most prominent result of these negotiations was issuing the law 80 of the year 1961 which is considered a historical achievement of the government f Iraq from which totally this paper takes its significance.