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Swiss Co. wins oil trade contract.

Glencore Energy Intl, based in Baar, Switzerland, won a contract that enables the closely held commodities company to trade Nigerian crude on the world oil market on behalf of the Jamaican govt., replacing Trafigura Beheer BV, reports Bloomberg (Aug. 15, 2007). Its British unit, Glencore Energy

UK Ltd, will pay the Jamaican govt. 25 cents for every barrel sold, Jamaica's National Contracts Commission said. Effective Oct. 1, the trader will handle 11 million barrels of Nigerian crude annually, the Petroleum Corp. of Jamaica said. Amsterdam-based Trafigura came under investigation by Dutch authorities after it sent funds to a group tied to Jamaica's governing party. Trafigura said March 9 the payment to the ruling People's National Party had been returned. In May 1979, Jamaica received its first Nigeria crude under a long-term deal. From Oct. 2000 until April 2006, Jamaica made a profit of US$2.8 million on the handling and marketing of Nigerian crude, according to the PCJ website.

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