Polish Energy Giant Loses $230M in Failed Venezuela Oil Deal

A Polish energy giant lost $230 million in a failed oil deal with Venezuela's state-owned PDVSA, according to the Financial Times. The deal was orchestrated by Samer Awad, a former executive at Orlen Trading Switzerland (OTS), a trading subsidiary of Poland's state-controlled energy giant Orlen.

The $230 million advance payment was largely made in Tether's USDt (USDT) and was sent to Hannon International Middle East, the Dubai-based seller. However, most funds disappeared into a maze of crypto transfers, and Orlen only received about $29 million worth of oil before terminating the contract.

Payment flows revealed that Hannon obtained $80 million USDT from a Dubai-based financial services company, paying a $400,000 commission. Hannon later sent Dubai-based Horizon Global $135 million but claimed it only received $85 million in USDT, leaving a $50 million shortfall. The company also sent Dubai-incorporated Gold Mar International Trading $30 million, expecting a USDT conversion and onward payment for the oil to PDVSA.

Orlen's ship was finally loaded with about 500,000 barrels of fuel oil worth only about $28.8 million on March 8, 2024. The same day, another $11 million in USDT was allegedly handed to a Caracas broker. Orlen Trading Services terminated the contract with Hannon on March 28, 2024.

After an investigation into the oil contracts related to Orlen Trading Services, the Warsaw Regional Prosecutor's Office announced an investigation into the oil contracts for damages of 1.5 billion Polish zloty ($378 million) in January 2025. In August 2026, three former managers at Orlen and Orlen Trading Services were reportedly indicted over crude oil contracts that caused $378 million in damages.