Latest news with #Citgo
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Gold Reserve Emerges as Top Bidder for Venezuela's Citgo
A court-appointed special master recommended a nearly $7.4 billion bid from Venezuela creditor Gold Reserve for the country's state-owned oil refiner Citgo Petroleum, roughly double the prior leading offer. Robert Pincus, the special master overseeing the forced sale of Venezuela's stake in Citgo, said in court papers filed Wednesday that the bid from Gold Reserve's Dalinar Energy is the highest and best offer. Citgo, among the largest U.S.-based oil refiners, is being auctioned to cover debts owed to bondholders and multinational corporations by its owner, the bankrupt Venezuelan government.
Yahoo
3 days ago
- Business
- Yahoo
Vitol-led consortium places over $10bn bid for Citgo
A consortium led by energy and commodities company Vitol has placed a bid exceeding $10bn for Citgo Petroleum's parent company PDV Holding. The bid comes as competition intensifies for Venezuela's most prized foreign asset, reported Reuters, citing two sources familiar with the offer. Submitted during the final hours of an auction organised by a US court, the bid includes about $5bn in cash and the remainder in credit bids for up to 14 claims. The auction was overseen by a Delaware court officer and aims to settle claims from creditors seeking nearly $19bn in compensation after Venezuela's asset expropriation and debt defaults. US refiner Citgo's 807,000bpd refining network and associated facilities are PDV Holding's sole assets. The Vitol-led offer also proposes approximately $2bn for defaulted Venezuelan bondholders. Despite being the highest known bid, Vitol's proposal is not guaranteed to win, as financial robustness and certainty of deal closure are also under scrutiny. After a previous bid by Vitol was outdone by a $7.3bn offer from an Elliott Investment Management affiliate, Vitol returned with a new bid earlier this year. However, Red Tree Investments won that round with a $3.7bn offer and an agreement to pay bondholders. The current bidding round, which concluded on 1 July, saw new participants and improved offers following recent court rulings that allowed the auction for PDV Holding to proceed. Among the late submissions was an all-cash offer of approximately $8bn from a consortium led by Black Lion Capital Advisors and revised proposals from a subsidiary of Gold Reserve. Despite the high stakes and last-minute bidding war, Citgo's valuation may be affected by its recent performance downturn, with profits falling to $305m last year from $2bn in 2023. In May 2025, Vitol entered a term sale and purchase agreement with Oman LNG. "Vitol-led consortium places over $10bn bid for Citgo" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
3 days ago
- Business
- Reuters
US court officer recommends Dalinar's $7.38 billion bid for Citgo parent
July 3 (Reuters) - A court officer overseeing the auction for PDV Holdings, the parent of Venezuela-owned U.S. refiner Citgo Petroleum, has recommended Gold Reserve's (GRZ.V), opens new tab subsidiary Dalinar Energy's $7.38 billion bid, Gold Reserve said in a statement on Thursday. A group led by commodities trading house Vitol had submitted a bid exceeding $10 billion for Citgo's parent during the final hours of the U.S. court-organized auction, two sources with knowledge of the offer told Reuters on Wednesday.
Yahoo
3 days ago
- Business
- Yahoo
US court officer recommends Dalinar's $7.38 billion bid for Citgo parent
(Reuters) -A court officer overseeing the auction for PDV Holdings, the parent of Venezuela-owned U.S. refiner Citgo Petroleum, has recommended Gold Reserve's subsidiary Dalinar Energy's $7.38 billion bid, Gold Reserve said in a statement on Thursday. A group led by commodities trading house Vitol had submitted a bid exceeding $10 billion for Citgo's parent during the final hours of the U.S. court-organized auction, two sources with knowledge of the offer told Reuters on Wednesday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
US court officer recommends Dalinar's $7.38 billion bid for Citgo parent
(Reuters) -A court officer overseeing the auction for PDV Holdings, the parent of Venezuela-owned U.S. refiner Citgo Petroleum, has recommended Gold Reserve's subsidiary Dalinar Energy's $7.38 billion bid, Gold Reserve said in a statement on Thursday. A group led by commodities trading house Vitol had submitted a bid exceeding $10 billion for Citgo's parent during the final hours of the U.S. court-organized auction, two sources with knowledge of the offer told Reuters on Wednesday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
