Poland’s state-controlled refiner Orlen agreed to buy Venezuelan crude in late 2023, but the deal collapsed after large prepayments moved through Dubai intermediaries and were converted into USDT. About $230 million was sent to one intermediary, while Venezuela’s state oil company, PDVSA, reportedly never received payment or allocated the promised cargoes. Tankers waited offshore and departed without most shipments. Polish prosecutors later indicted former managers over alleged failures that contributed to losses estimated at $378 million. The investigation remains ongoing.
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