Poland hunts for US$330-million of Orlen payments for Venezuelan oil, sources say

A Swiss unit of Polish refiner Orlen paid two Dubai-based intermediary companies $330-million for Venezuelan oil, but Venezuela’s state oil company PDVSA never received the money, according to sources and a document seen by Reuters.

But Orlen said last month it had scrapped the contracts after the tankers failed to load for months and as a U.S. license temporarily allowing oil exports from Venezuela was set to expire in mid-April. However, Orlen’s former head of trading, Michal Rog, told Polish media last month that OTS’s losses resulted from the cancellation of the deals by Orlen’s new management.

Hannon International Middle East DMCC did not reply to phone calls and WhatsApp messages seeking comment. Horizon Global declined to comment, citing ongoing arbitration with OTS.

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