As a condition for restoring the Anglo-Iranian Oil Company, in 1954 the US required removal of the AIOC's monopoly; five American petroleum companies, Royal Dutch Shell, and the Compagnie Française des Pétroles, were to draw Iran's petroleum after the successful coup d'état—Operation Ajax. The Shah declared this to be a "victory" for Iranians, with the massive influx of money from this agreement resolving the economic collapse from the last three years, and allowing him to carry out his planned modernization projects.