In 1952 and 1953, the Abadan Crisis took place when Iranian prime minister Mohammed Mossadeq began nationalization of the Anglo-Iranian Oil Company (AIOC). Established by the British in the early 20th century, the company shared profits (85% for Britain, and 15% for Iran), but the company withheld their financial records from the Iranian government. By 1951, Iranians supported nationalization of the AIOC, and Parliament unanimously agreed to nationalize its holding of, what was at the time, the British Empire's largest company. The British retaliated with an embargo on Iranian oil, which was supported by international oil companies. Over the following months, negotiations over control and compensation for the oil were deadlocked, and Iran's economy deteriorated.