FT: CEE Energy Giant Orlen Lost $424 Million in Venezuela Oil Deal Involving USDT Payments Polish state‑controlled energy giant Orlen lost…
FT: CEE Energy Giant Orlen Lost $424 Million in Venezuela Oil Deal Involving USDT Payments
Polish state‑controlled energy giant Orlen lost an estimated $424 million through its Swiss trading arm OTS after a failed Venezuelan oil deal that involved USDT payments, the Financial Times reported. OTS prepaid about $230 million for 6 million barrels of Merey 16 crude, but most of the oil was never delivered, triggering heavy shipping costs, a Polish criminal investigation and charges against former Orlen executives.