On 10 January 1923, an agreement between the Sultanate and the British government was signed in which the Sultanate had to consult with the British political agent residing in Muscat and obtain the approval of the High Government of India to extract oil in the Sultanate. On 31 July 1928, the Red Line Agreement was signed between Anglo-Persian Company (later renamed British Petroleum), Royal Dutch/Shell, Compagnie Française des Pétroles (later renamed Total), Near East Development Corporation (later renamed ExxonMobil) and Calouste Gulbenkian (an Armenian businessman) to collectively produce oil in the post-Ottoman Empire region, which included the Arabian peninsula, with each of the four major companies holding 23.75 percent of the shares while Calouste Gulbenkian held the remaining 5 percent shares. The agreement stipulated that none of the signatories was allowed to pursue the establishment of oil concessions within the agreed on area without including all other stakeholders. In 1929, the members of the agreement established Iraq Petroleum Company (IPC). On 13 November 1931, Sultan Taimur bin Faisal abdicated.