Changes

===Trouble in Iran (1935-1987)===

===Trouble in Iran (1935-1987)===

When Persia became [[Iran]] in 1935, Anglo-Persian became Anglo-Iranian. [[Politics|Political]] changes in Iran forced Anglo-Iranian's refinery to temporarily shut down in 1951 as Iranian oil was [[nationalization|nationalized]]. The refinery was opened again in 1954, but as Anglo-Iranian was no longer the only oil company in Iran, they changed their name to British Petroleum. Iran’s oil industry was completely nationalized in 1979 following the [[Islam]]ic Revolution, and British Petroleum was forced to end its operations in the country.

When Persia became [[Iran]] in 1935, Anglo-Persian became Anglo-Iranian. [[Politics|Political]] changes in Iran forced Anglo-Iranian's refinery to temporarily shut down in 1951 as Iranian oil was [[nationalization|nationalized]]. The refinery was opened again in 1954, but as Anglo-Iranian was no longer the only oil company in Iran, they changed their name to British Petroleum. Iran's oil industry was completely nationalized in 1979 following the [[Islam]]ic Revolution, and British Petroleum was forced to end its operations in the country.

===The Stock Goes Public (1987)===

===The Stock Goes Public (1987)===

The British government sold the last of its shares in British Petroleum in October 1987, allowing the company to finally be completely [[privatization|privatized]] for the first time in 73 years. The privatization of the company was expected to boost share values, but the [[Black Monday]] stock market crash occurred just before the sale, drastically reducing share values. The [[Kuwait]]i government bought 22% of British Petroleum’s total shares while the price was low. Eventually British Petroleum bought back nearly 400 million of the Kuwaiti shares and cancelled them.

The British government sold the last of its shares in British Petroleum in October 1987, allowing the company to finally be completely [[privatization|privatized]] for the first time in 73 years. The privatization of the company was expected to boost share values, but the [[Black Monday]] stock market crash occurred just before the sale, drastically reducing share values. The [[Kuwait]]i government bought 22% of British Petroleum's total shares while the price was low. Eventually British Petroleum bought back nearly 400 million of the Kuwaiti shares and cancelled them.

===Mergers and Exansion (1988-Present)===

===Mergers and Exansion (1988-Present)===

British Petroleum bought Britoil in 1988. Full ownership of Sohio was acquired in 1989. British Petroleum merged with Amoco in 1998, and the organization was officially renamed BP Amoco. ARCO joined the BP Amoco group in 2000. The group also acquired Burmah-Castrol in 2000 and rebranded itself as BP. Castrol continues to operate under its brand name while Burmah’s operations were incorporated into BP.

British Petroleum bought Britoil in 1988. Full ownership of Sohio was acquired in 1989. British Petroleum merged with Amoco in 1998, and the organization was officially renamed BP Amoco. ARCO joined the BP Amoco group in 2000. The group also acquired Burmah-Castrol in 2000 and rebranded itself as BP. Castrol continues to operate under its brand name while Burmah's operations were incorporated into BP.

==See also==

==See also==