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Tehran Agreement

Preamble
The Governments of Great Britain and the Kingdom of Persia in this document agree to resolve commercial and political disputes between the two nations.

Article I
To provide for Persian economic growth from oil revenues Great Britain and Persia have agreed to a 15% increase in tax revenues on oil. In return the British Government is prepared to make the Anglo-Persian Oil Company a joint-concern with Persia receiving a 50% share and eight seats on the board. The main three oil firms in Persia (Anglo-Persian Oil Company, BP and Anglo-Shell) have agreed to build a refinery each in Persia within two years so a quarter of APOC oil is refined in Persia.

Article II
The British Government acknowledges Persia has special interests in Southern Iraq as well as Religious interests. Therefore the current Iraqi government will be forced to ensure all Shia holy places are kept open and that pilgrims have free access over the border. In return the Persian Government will not make any formal claim to Iraqi territory nor will it use aggression against Iraq to achieve any rightful claims.

Article III
The British Government acknowledges Persia has special interests in Armenia and Azerbaijan.

Article IV
The Kingdom of Persia renounces to any current or future claim to territory in the Islamic Republic of Baluchistan.

Conclusion
The Agreement shall enter into force as soon as the Instruments of Ratification have been exchanged in Tehran on Aug 1st 1938 in the English and Farsi languages, all texts being equally authentic.