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Foreign oil companies suffered major expropriations of their property during the postwar period, usually without payment of full compensation to the private owners. These episodes—the most significant were in Algeria, Ceylon, Cuba, Egypt, Iran, Libya, and Peru—followed by many years the first major oil industry expropriation by the Bolshevik government of Russia in 1918 and a second major expropriation of foreign oil properties by the Mexican government in 1938. All illustrated the great latent power of governments over the international oil companies and the reality of the political risks inherent in the industry. (en) |