TPC finally struck oil in Iraq on 14 October 1927. By 1928, the APOC's shareholding in TPC, which by now was named Iraq Petroleum Company (IPC), was reduced to 23.75%; as the result of the changing geopolitics post Ottoman empire break-up, and the Red Line Agreement.[13] Relations were generally cordial between the pro-west Hashemite Monarchy (1932–58) in Iraq and IPC, in spite of disputes centered on Iraq's wish for greater involvement and more royalties.