In Search of “Equitability”: Sir John Cadman, Rezā Shah and the Cancellation of the D’Arcy Concession, 1928‒33

Abstract

From 1928 to 1932 the Pahlavi regime of Iran negotiated with the Anglo-Persian Oil Company (APOC) to revise the D’Arcy Concession. These negotiations, conducted by ‘Abd al-Hosayn Teymurtāsh and the chairman of APOC Sir John Cadman, ended in failure when Rezā Shah unilaterally cancelled the D’Arcy Concession in November 1932. This article argues that “equitability” was the goal of the negotiations. An agreement was ultimately impossible to reach, due to differing ideas on either side regarding what was equitable, changes in the international oil economy and instability within Iran itself, leading to an unequal agreement in April 1933 that confirmed APOC’s long-term security but served only the short-term needs of Iran.