Iraq Petroleum CompanyIn March, 1948 the British government granted a new concession to the Iraq Petroleum Company in the form of a right to build a second pipe line terminating at Haifa.

The Iraq Petroleum Company holds the exclusive concession to the oil fields of Iraq, Qatar, the Trucial Coast, Muscat, Oman.

A 23¾% interest in the Iraq Petroleum is held by the Anglo-Iranian Oil Company, in which the British Government owns 50% of the shares Royal Dutch Shell, closely allied with British interests, holds a similar percentage. The French interests own  23¾%, and American interests, ( Socony vacuum and Standard Oil of New Jersey) 25%. Five percent is owned by Participations and Investments, Ltd.

The excuse offered for the granting of this concession four months after the united Nations decision, without consultation with the United Nations decision, without consultation with the United Nations or the Palestine Commission, is that it represented the conclusion of discussions entered into in March of 1947

Source: The Nation, May 8, 1948