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The San Remo Oil Agreement was an agreement between Great Britain and France signed at the San Remo conference on 24 April 1920. As a result of the agreement, the French Compagnie Française de Petroles (CFP)
acquired the 25% share held by Deutsche Bank in the Turkish Petroleum Company (TPC). The other shareholders were : the Anglo-Persian Oil Company (APOC), in which the British government held a controlling interest, with 47.5%, the Anglo Saxon Petroleum Co, with 22.5% and the remaining 5% belonged to Calouste Gulbenkian. This however is inferred from context and the eventual success enjoyed by the TPC in subsequent negotiations. The text of the agreement says nothing about Germany, but grants to France the right to buy a 25% share in any future concession that may be obtained in Mesopotamia by either the British government or a private company. It also says nothing about the composition of the remaining 75% of that entity, except that 20% should be made available out of both the French and British shares for acquisition by Iraqi nationals, a stipulation that was eventually not honored in the dealings with the Iraq government.
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