The fight to acquire Citgo Petroleum, the seventh-largest oil refiner in the United States, has intensified. A court overseeing the auction of shares in Citgo’s parent company, Venezuela’s PDVSA, is allowing bidders to increase their initial offers submitted by the June 11th deadline.
Venezuela
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Citgo’s Corpus Christi refinery, previously considered the least profitable, is now a hot ticket due to its location and potential for growth. The deadline for bids in the court-ordered auction is June 11th, 2024.
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Hedge fund Elliott Management and a creditor group led by Centerview Partners are emerging as potential new owners for Citgo Petroleum in a court-ordered auction. The auction is expected to conclude in July and could impact global oil prices.
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Oil major Shell is pushing for a longer license from the US before giving the green light to a natural gas project in Venezuela. The “Dragon” field, located near the maritime border with Trinidad and Tobago, holds significant gas reserves and could provide a vital energy source for both nations.
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Venezuela’s oil industry is on the rise after Chevron restarted drilling operations. This follows the US easing sanctions on Venezuelan oil in October 2023. The new drilling program is expected to significantly increase oil production. However, the future of this collaboration is uncertain as US sanctions relief hinges on upcoming Venezuelan elections.