Saudi Gets F-35s as Poland Loses Big on Venezuela Deal
The State Department has approved a massive $24.3 billion arms deal to Saudi Arabia, including 48 F-35 fighter jets and support equipment. This sale makes Riyadh the first Arab country to receive these advanced aircraft.
Meanwhile, in another energy-related story, Poland's state-controlled refiner Orlen lost an estimated $424 million on a Venezuelan crude oil deal gone wrong.
The loss occurred when Orlen's Swiss trading arm signed a contract with Dubai-based Hannon International for six million barrels of crude. The refiner wired the advance payment of $230 million to brokers in Caracas via Tether, a digital currency that circumvented US sanctions on Venezuela's state oil company PDVSA.
However, only $85 million of the advance payment was converted back into dollars, leaving a missing $50 million. The chartered tankers waiting off Venezuela for months added another $72 million in shipping costs, as no oil was loaded due to non-payment.