Poland Government Estimates Orlen's Venezuela Oil Trade Loss at $424 Million

Poland's government estimates Orlen's loss from its Venezuela oil trading deal at a minimum of $424 million (approximately 58.13 billion KRW). According to the Financial Times, a substantial portion of the $230 million advance payment was converted into USDT and transferred to Venezuelan intermediaries. Orlen Trading Switzerland (OTS), a Swiss subsidiary of Orlen, signed a contract on November 29, 2023, to purchase approximately 6 million barrels of oil from Venezuela's state-owned PDVSA for $345 million through Dubai-based Hannon International.

Hannon received the advance payment and arranged USDT funds via intermediaries in Dubai and Venezuela. Hannon employees reportedly handed USB drives containing access keys to USDT wallets worth $60 million and $50 million to Venezuelan agents in Caracas. Orlen received approximately 500,000 barrels of fuel oil instead of the contracted crude oil, valued at $28.8 million (about 39.5 billion KRW). Orlen is currently pursuing arbitration to recover the advance payment made to Hannon.