Polish Oil Refiner Paid $400 Million for Crude It Never Got
- Orlen’s Swiss unit paid entities it never dealt with before
- Payments were made “contrary to standards” without security
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Poland’s largest refiner said it will take a write-off equating to about $400 million as a result of oil that its Swiss trading unit paid for but never received.
Orlen SA said its subsidiary, Orlen Trading Switzerland GmbH, didn’t receive barrels that it undertook prepayments for. The total value of the write off is 1.6 billion zloty, or $400 million. The amount of undelivered supply wasn’t stated.