After all, Iran has known oil as long as BP has. Before it was Beyond Petroleum, even before it was British Petroleum, BP was the Anglo-Persian Oil Company, incorporated after a wealthy Londoner discovered the Middle East’s first commercial oil field in Khuzestan, Iran in 1908. The British company had exclusive rights to drilling in most of Iran and soon established a monopoly, sharing relatively few profits with its host country. One coup d’etat, one revolution, and more than one hundred years later– and Iran is frequently cited as an enemy state when making a case for energy independence.
Read about Iran’s offer here.