Iraq Petroleum Company
Iraq's economy recovered sharply after the 1968 revolution. The Arif brothers had spent close to 90% of the national budget on the army but the Ba'ath government gave priority to agriculture and industry. The British Iraq Petroleum Company monopoly was broken when a new contract was signed with ERAP, a major French oil company. Later the IPC was nationalized. As a result of these policies Iraq experienced rapid economic growth.