Financially, this agreement was not much different from other agreements in the Middle East, as Iran`s revenues would not exceed the 50% that served as the basis for all. In addition to the £10 million it received from Iran as compensation for the Kermanshah refinery and domestic distribution facilities, British Petroleum also received £214 million ($600 million) from its new partners, who held a 60% stake in the consortium. From Iran`s point of view, the content of this agreement was much less favorable than the conditions set out a few months earlier in the joint proposal “Churchill Eisenhower” addressed to Dr. Mossadegh. 7. As compensation for the services provided, nioc would enter into a 15-year sales contract at the beginning of commercial production from the contract territory, under which up to a maximum of 50% of the crude oil produced would be sold to the contractor for export. The salient features of the Petroleum Act 1957. The Petroleum Act targeted the rapid exploration and exploitation of oil throughout the country and on the continental shelf (with the exception of the unionized area) and downstream activities such as the refining, transportation and sale of oil extracted from it. To this end, NIOC has been authorized to establish contractual relations with Iranians or foreigners with the necessary technical and financial skills to exploit Iran`s hydrocarbon resources. Under pressure from the United States, British Petroleum was forced to accept membership in a consortium of companies that would return Iranian oil to the international market. It was established in 1954 in London as a holding company called Iranian Oil Participants Ltd (IOP). The joint-structure agreements of the mid-1969s. .