By Marek Strzelecki
WARSAW (Reuters) – Polish oil refiner Orlen has reached a settlement to recoup $100 million out of $400 million in prepayment for Venezuelan and other oil which the company never received, a source familiar with the matter said.
Under the settlement, state-controlled Orlen will recover the $100 million in several tranches by the end of the year from Dubai-based Horizon Global. The company is still trying to recoup the remaining prepayments transferred to other companies.
The settlement was first reported by Polish broadcaster Radio Zet.
Horizon Global did not respond to Reuters request for comment on Wednesday. Last year, Horizon Global had said it was involved in an arbitration with Orlen’s Swiss trading business OTS.
Orlen said in response to Reuters questions that it is cooperating with the relevant services at the national and international level to recoup the advances made by OTS, and will announce the results of its efforts when they are completed.
In 2023, OTS transferred $400 million in prepayment to Horizon and other intermediaries for oil, including from Venezuela.
Reuters reported last year that Venezuela’s state oil company PDVSA did not receive the money.
Polish prosecutors have been investigating OTS’ loss of the nearly $400 million in prepayments. Last month, a Warsaw court ordered a former chief executive of the Swiss trading unit to be detained for three months as part of the OTS investigation.
($1 = 4.1480 zlotys)
(Reporting by Marek Strzelecki, additional reporting by Anna Koper. Editing by Jane Merriman)
