Orlen Lost At Least $424 Million in Venezuela Oil Deal, Report Says

Polish state-owned energy company Orlen reportedly prepaid $230 million to Dubai trader Hannon International for about 6 million barrels of Venezuelan crude but received only about 500,000 barrels of fuel oil. According to ChainCatcher, some of the funds were converted into USDT and delivered to the Venezuelan side through intermediaries. Hannon said at least $132 million in USDT was handed to two intermediaries, who then disappeared. After accounting for tanker rentals, legal fees, and other expenses, the Polish government estimates Orlen's total losses at no less than $424 million. Orlen is now seeking to recover the prepayment through arbitration.