Poland's $424M Venezuelan Oil Deal Unravels Amid Crypto Trail Scrutiny
Poland's state-controlled energy giant PKN Orlen is facing estimated total losses of $424 million after a Venezuelan oil deal went horribly wrong. The company wired $230 million for crude oil, but most of it never materialized.
The money took an unusual route through cryptocurrency wallets, landing on USB drives exchanged in hotel lobbies in Caracas. Polish prosecutors are now scrutinizing the crypto trail as part of their investigation into what has become one of Europe's messiest energy scandals in years.
The deal was signed by Orlen Trading Switzerland (OTS) in November 2023 to purchase 6 million barrels of Venezuelan Merey 16 crude oil from Hannon International Middle East DMCC. OTS chartered three supertankers, but they sat idle, racking up demurrage and logistics costs estimated at $72 million.