The Consortium Agreement of 1954 (Persian: قرارداد کنسرسیوم) provided Western oil companies with 50% ownership of Iranian oil production after its ratification in 1954 expiring in 1979. According to the consortium agreement, 40% of Iran's oil shares belonged to 5 American companies, the other 40% belonged to Iran-UK oil companies, 14% belonged to a Dutch oil company, and the remaining 6% belonged to a French oil company. In spite of numerous negotiations and offers, Mohammad Reza Shah refused to extend the Agreement which originally and clearly postulated that the Consortium had the right to prolong it 15 years (3 times 5 years).