$230 Million Lost: Orlen's Venezuelan Oil Deal Goes Sour
Orlen, Poland's state-controlled energy group, lost an estimated $230 million after advancing funds for a Venezuelan crude oil purchase that relied on Tether's USDT to move payment outside conventional banking channels. The deal has become one of Poland's largest corporate scandals, with Warsaw prosecutors charging former executives at Orlen Trading Switzerland (OTS) with criminal mismanagement.
According to the Financial Times investigation, OTS chief executive Samer Awad instructed a trader named Kam Ho 'Alex' Tse in late 2023 to 'go out and get me Venezuelan oil.' During this time, Washington had eased sanctions on Venezuela's state oil company, PDVSA. The company demanded advance payment in USDT to work around sanctioned banking channels.
OTS signed a $345 million contract with Hannon International for roughly 6 million barrels of crude, wiring $230 million within days. However, only a fraction of the contracted cargo was ever delivered: a single fuel oil shipment worth $28.8 million. The Polish government now estimates Orlen's total losses, including shipping and legal costs, at roughly PLN 1.6 billion, or $424 million.
Prime Minister Donald Tusk tied the episode to a broader inquiry into state company governance, saying 'Poles must learn the truth.' Awad was briefly detained in the UAE on an Interpol notice in January 2025 before Emirati courts rejected Poland's extradition request. The dispute between Orlen and Hannon is now in arbitration.