CITGO – Oil & Gas 360

US judge extends Citgo auction’s schedule, moves final hearing to August

June 11, 2025

(Investing) – HOUSTON -A U.S. judge in Delaware has extended the schedule for a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, moving the sales process’s final hearing to August 18, according to a filing on Wednesday. The eight-year court case, aimed at compensating creditors for debt defaults and asset expropriations in Venezuela, has endured multiple delays.

US judge extends topping period in Citgo parent’s auction until June 2

May 27, 2025

(Investing) – HOUSTON – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved a $3.7 billion offer by Contrarian Funds’ affiliate Red Tree

Phillips 66 hits out at activist investor Elliott over conflict of interest

April 21, 2025

(Oil Price) – U.S. refiner Phillips 66 told shareholders on Monday that they should keep in mind that activist investor Elliott, which wants to break up one of the biggest U.S. refiners, may not necessarily act in Phillips 66 shareholders’ interests as it is pursuing an acquisition of Citgo, a direct competitor of Phillips 66. Activist hedge fund Elliott Investment Management

US judge issues order to reopen Citgo data room, restart bidding

December 17, 2024

(Investing) – HOUSTON – A U.S. judge overseeing an auction of shares in the parent of Venezuela-owned Citgo Petroleum on Monday agreed to reopen a data room to allow potential buyers to prepare new bids, a court document showed. Judge Leonard Stark ordered the data room to be opened on Wednesday after listening to creditors in the case urge a new

Elliott Affiliate wins Citgo auction with $7.3 billion bid

September 30, 2024

(Yahoo Finance) – An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a bid for $7.3 billion, clearing a key hurdle in the fund’s push to acquire an oil refiner that was once Venezuela’s largest foreign asset. The affiliate, Amber Energy Inc., submitted the best bid for Citgo’s US parent, PDV Holding, Robert Pincus,

Court hearing on Citgo auction could be delayed until September

July 1, 2024

Oil Price The court officer who oversees the auction of Venezuela’s PDV Holding, the parent company of refiner Citgo Petroleum, has asked a Delaware court to postpone the hearing on the winning bids by two months until September 19, to have more time to evaluate the bids and negotiate a sales agreement. The deadline for submitting binding bids for Citgo’s

Oil eases as US crude, fuel stock builds bolster demand jitters- oil and gas 360

Venezuela representatives meet U.S. officials to discuss Citgo auction

June 5, 2024

Oil Price U.S. officials and lawmakers have recently met with Venezuelan opposition politicians and supervisors of state-owned refiner Citgo Petroleum, as Venezuela seeks to pause an ongoing court-ordered auction of shares, sources close to the discussions have told Reuters. The sale process of shares to pay creditors and claimants against Venezuela’s oil asset appropriation and debts owed by Citgo was launched by a

Citgo Petroleum director Luisa Palacios to leave board at month’s end: company

March 19, 2021

Reuters Citgo Petroleum Corp’s Luisa Palacios will leave the board of the eighth-largest U.S. oil refiner at month’s end, the company said in a statement on its website. Palacios, who joined the refining firm in February 2019 when it severed ties from its parent company, Venezuela’s state oil firm PDVSA, stepped down as chairperson last October. The executive is also

Venezuela slams U.S. court approval of Citgo parent sale as ‘fraudulent’

January 18, 2021

Reuters CARACAS – Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it the result of a “fraudulent judicial process.” Citgo is a unit of Venezuelan state oil company Petroleos de Venezuela. A federal court in Delaware this week approved

Citgo plans Q4 2021 overhaul at Corpus Christi refinery; may be postponed

December 22, 2020

Reuters HOUSTON -Citgo Petroleum Corp plans an overhaul at its 167,500 barrel-per-day (bpd) Corpus Christi, Texas, refinery in the fourth quarter of 2021, the company said on Monday. The fourth-quarter 2021 turnaround could be rescheduled, Citgo said. Sources told Reuters on Friday that Citgo was postponing planned maintenance scheduled for 2021 at the Corpus Christi refinery. The move is motivated

Venezuela rounds up US oil executives as Guaidó visits DC

February 7, 2020

Houston Chronicle MIAMI (AP) — Six American oil executives under house arrest in Venezuela were rounded up by police hours after President Donald Trump met Venezuelan President Nicolás Maduro’s chief opponent at the White House, according to family members of the men. Alirio Zambrano said early Thursday that the executives of Houston-based Citgo were abruptly taken from their homes last

Venezuela opposition cuts deal to delay possible Citgo seizure

November 19, 2019

Reuters Venezuela’s opposition has reached a deal with the custodians of a bond issued by state oil company PDVSA to prevent bondholders from seizing U.S. refining subsidiary Citgo, the bond’s collateral, until May, according to court filings and a source. The opposition-appointed PDVSA board, which is recognized in the United States as the company’s rightful representation, last month sued in

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