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Circuit OK’s Arbitration Award In Slop-Oil Dispute

NEW ORLEANS (CN) - The 5th Circuit has refused to overturn an arbitration award that Texas-based Gulf Petro Trading Co. and its affiliates claimed Nigeria's state-owned oil company procured with a $25 million bribe. A Swiss arbitrator ruled against the U.S. company in the parties' long-standing dispute over a contract to salvage slop oil. See ruling.

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