In 1954, the AIOC became the British Petroleum Company. After the 1953 Iranian coup d'état, Iranian Oil Participants Ltd (IOP), a holding company, was founded in October 1954, in London to bring Iranian oil back to the international market. British Petroleum was a founding member of this company with 40% stake. IOP operated and managed oil facilities in Iran on behalf of NIOC. Similar to the &lt;a href="Saudi%20Aramco%23History"&gt;Saudi-Aramco "50/50" agreement of 1950&lt;/a&gt;, the consortium agreed to share profits on a 50–50 basis with Iran, "but not to open its books to Iranian auditors or to allow Iranians onto its board of directors."