Elliott Affiliate Wins Citgo Auction With $7.28 Billion Bid

image is BloomburgMedia_SKHIBSDWLU6800_27-09-2024_20-00-10_638629920000000000.jpg

Fuel prices at a Citgo gas station in Royal Oak, Michigan, US, on Thursday, Sept. 19, 2024. Steadily falling gasoline prices are providing a tailwind for US Vice President Kamala Harris' campaign for the nation's highest office as Donald Trump seeks to rile inflation-weary consumers by attacking her record on energy. Photographer: Emily Elconin/Bloomberg

An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a $7.28 billion bid, allowing it 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, according to Robert Pincus, the court-appointed special master who oversaw the process. The sale is intended to satisfy Venezuela creditors holding more than $20 billion in claims.

©2024 Bloomberg L.P.

By Jef Feeley

KEEPING THE ENERGY INDUSTRY CONNECTED

Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.

By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.

Back To Top