$230M Oil Deal Collapses Amid USDT Payment Chaos

A $230 million oil deal between Poland's largest energy giant Orlen and Venezuela's state-owned PDVSA fell through in late 2023 due to a complex web of USDT payments.

The deal, orchestrated by Samer Awad, a former executive at Orlen Trading Switzerland (OTS), involved acquiring 6 million barrels of Venezuelan crude oil. However, after Orlen sent an advance payment of $230 million largely in Tether USDt (USDT) to Hannon International Middle East on December 4, 2023, most funds disappeared into a maze of crypto transfers.

Hannon claimed it obtained $80 million USDT and paid a $400,000 commission to a Dubai-based financial services company. However, the $50 million shortfall was contested by Horizon Global, which received $135 million from Hannon. The situation only became more complicated as Hannon employees gave two Caracas brokers USB sticks containing $60 million and $50 million USDT respectively.

Despite receiving about 500,000 barrels of fuel oil worth approximately $28.8 million on March 8, 2024, Orlen Trading Services finally terminated the contract with Hannon on March 28, 2024. The Warsaw Regional Prosecutor's Office launched an investigation into the oil contracts in January 2025, and three former managers at Orlen were indicted over crude oil contracts that caused $378 million in damages.