Orlen Faces $378M Case Over Failed Venezuela Oil Deals

Poland's state-controlled energy group Orlen is facing a $378 million criminal case over three failed Venezuelan crude oil contracts. The deals, valued at around $345 million, were made through Orlen Trading Switzerland (OTS) and involved the purchase of six million barrels of Merey 16 crude from Venezuela.

The payments for these contracts were made through Dubai-based Hannon International, with a significant portion of the $230 million payment converted into Tether's USDT. However, it appears that much of the oil never arrived in Poland, and chartered tankers spent time waiting near Venezuela before leaving without the planned shipments.

Prosecutors allege that three former Orlen managers, Michał R., Marcin O., and Filip W., failed to carry out supervisory duties and protect the interests of Orlen and its subsidiaries. They could face up to 25 years in prison if convicted.