In December 2023, Orlen Trading Switzerland (OTS), a subsidiary of the Polish state-owned group Orlen, transferred an advance payment of $230 million to a Dubai-based intermediary, Hannon International, for Venezuelan oil. The contract, signed in November 2023, involved the delivery of 6 million barrels of Merey 16 crude. The deal was conducted without bank guarantees or letters of credit.
According to reports, part of the funds was converted into USDT and transferred to counterparties in Caracas via USB drives containing private keys. Investigations indicate that over 132 million USDT were delivered to brokers in Venezuela, yet the oil was never loaded onto the tankers chartered by Orlen. The company incurred additional costs, including $72 million in shipping expenses.
OTS terminated the contract in March 2024. The total financial loss for the Polish government, including legal and transport expenses, is estimated at approximately $400 million. The Warsaw District Prosecutor's Office has launched an investigation into former Orlen executives, including former OTS head Samer Awad, regarding the management of a $600 million fund used for these operations.
The legal dispute is currently in arbitration. Hannon International claims it acted as a technical intermediary to facilitate payments in USDT, as Orlen could not conduct direct transactions with the sanctioned Venezuelan state oil company, PdVSA. Meanwhile, former Orlen management faces charges, with some individuals potentially facing up to 25 years in prison.
