News / Defense

IRGC says West's exploitation of Iranian oil 'a thing of the past', warns of retaliation

Tuesday, 19 March 2024 9:31 AM [ Last Update: Tuesday, 19 March 2024 3:57 PM ]

Iran's flag flies near gas condensate processing facilities in the new Phase 3 facility at the Persian Gulf Star Co. (PGSPC) refinery in Bandar Abbas, Iran. (By Bloomberg)

The commander of the Islamic Revolution Guards Corps (IRGC) Navy says Iran today retaliates against the theft of its oil and foreigners can no longer exploit the country’s crude reserves.

Rear Admiral Alireza Tangsiri made the remarks on Monday, on the eve of the 73rd anniversary of the nationalization of the Iranian oil industry.

“Today, if they (the foreigners) steal our oil and seize our tankers anywhere in the world, we will retaliate,” he said.

“'Gone are the days for the foreigners to boast about the looting of the property of the noble people of Iran,” he added.

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The UK plundered the Iranian oil and resources for many years, Tangsisir added. Today, however, the country’s youth are standing proudly against global arrogance.

In March 1951, Iran’s parliament voted to nationalize the country’s oil industry, which was controlled by Britain that used to plunder Iran’s oil resources. pic.twitter.com/Dfb0czXx6l
— Press TV 🔻 (@PressTV) March 19, 2024

On March 20, 1951, members of the Iranian parliament passed a bill introduced by the democratically-elected Prime Minister Mohammad Mosaddeq to nationalize the oil industry.

Mosaddeq’s decision was backed by his nationalist party as well as religious figures led by prominent cleric Ayatollah Abolghassem Kashani.

The initiative put an end to Britain’s four-decade rule over Iran’s oil industry. The Britain-owned Anglo-Iranian Oil Company (AIOC) enjoyed monopolistic control over the industry and used to pay only a small share of the revenues to the Iranian government.

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