TOP SECRET Oil 8. Oil operations in Iraq are conducted by the Iraq Petroleum Company (I.P.C.-, a British registered Company with British, American, Dutch and French participation, and its subsidiaries in Basra and Mosul Petroleum Companies. Proven oil reserves in Iraq amount to 11% of the world total and production is expected to reach a rate of 30m tons in 1953. This is 5.1% of the free world total, and a substantial proportion of sterling production. Apart from a small quantity refined near Khanaquin, the crude is piped to Tripoli in Lebanon (where there is a small refinery) and Banyas on the Syrian coast for shipment to refineries in the U.K.