Q&A-Is Venezuela About to Lose Citgo, Its Most Prized Foreign Asset?

Q&A-Is Venezuela about to lose Citgo, its most prized foreign asset?

Yes. Many creditors including ConocoPhillips, which holds the largest claims of almost $12 billion, and Gold Reserve, have pursued legal action outside of the U.S. to seize Venezuela-owned assets, such as bank accounts, tankers and PDVSA-controlled storage facilities. The creditors, who rejected the outcome of a bidding round last year due to conditions imposed by the winner, Elliott's affiliate Amber Energy, can submit objections if dissatisfie…

Venezuela’s Citgo Is Proving a Tough Sell for Bidders

Venezuela Bondholders Seek to Block Gold Reserve’s Bid for Citgo

Holders of some defaulted Venezuelan bonds are seeking to block a bid to purchase Citgo Petroleum Corp.’s parent company, as they claim the transaction would strip them of their rights for payment.

Gold Reserve Advises of Conference Call to Discuss US$7.382 Billion CITGO Bid

PEMBROKE, Bermuda -- Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) wishes to advise that it is scheduling a conference call to be held at 10:00 am EDT on Thursday July 10, 2025 to provide more detail on the US$7.382 Billion dollar bid of its U.S. acquisition subsidiary, Dalinar Energy Corporation, chosen as the Final Recommended Bidder for the purchase of shares of PDV Holding, Inc., the indirect parent company of CITGO Petroleum Corp.

Gold Reserve $7.4B Bid Picked as Preliminary Winner of Auction for Venezuela’s CITGO - Venezuelanalysis

Caracas, July 7, 2025 (venezuelanalysis.com) – A Delaware court official has recommended a final offer in the ongoing auction of Venezuela’s US-based refiner CITGO that could mark the end of a years-long process and the loss of the country’s most important foreign asset. On Thursday, court-appointed “Special Master” Robert Pincus chose a US $7.38 billion bid from Canadian miner Gold Reserve as the preliminary winner of a court-mandated sale of s…

Venezuela on the Brink of Losing Citgo, Its Last Big Foreign Asset

Venezuela is close to losing Citgo, its most valuable company outside the country, after years of unpaid debts and international lawsuits. Citgo runs three oil refineries in the United States, processing over 800,000 barrels of oil each day, and has long been a key source of cash for Venezuela. The country’s debt has reached $150 […]