 The Anglo-Persian Oil Company (APOC, later to become British Petroleum, or BP) had a 23.75% share in IPC.From 1935, onshore concessions to explore for oil were granted by local rulers, with APOC signing the first one on behalf of Petroleum Concessions Ltd (PCL), an associate company of IPC.APOC was prevented from developing the region alone because of the restrictions of the Red Line Agreement, which required it to operate through IPC.