Orlen Oil Trade Dispute: USDT $132 Million Transfer Leads to Broker Contact Break

Polish state-owned energy company Orlen ($PKN) reported that Dubai-based trader Hannon International transferred at least $132 million worth of USDT to intermediaries following a Venezuela oil deal, after which communication with the brokers was severed. The total estimated loss amounts to $424 million. According to the Financial Times, Orlen had advanced $230 million (approximately 31.3 billion KRW) to Hannon International for purchasing around six million barrels of Venezuelan crude oil, but ultimately received only about 500,000 barrels of fuel oil. Some funds were exchanged into USDT and transferred to Venezuela. Hannon disclosed that between January and March 2024, it paid a total of $132 million in USDT to two intermediaries, after which contact was lost. The Polish government estimates Orlen's total loss, including vessel charter fees and legal costs, at a minimum of $424 million, with Orlen attempting to recover the advance payment through arbitration.