An affiliate of Elliott Investment Management, Amber Energy, has been named the presumptive winner in a U.S. court auction for shares in Citgo Petroleum’s parent company, PDV Holding. The bid values Venezuela-owned Citgo at up to $7.3 billion, according to court documents. The auction, conducted by a U.S. district court in Delaware, aims to settle $21.3 billion in claims against Venezuela and state-owned oil company PDVSA due to expropriations and debt defaults.
The bid consists of a combination of cash and credit, although it is contingent upon the resolution of competing claims from holders of defaulted Venezuela bonds pursuing the same assets. Robert Pincus, a U.S. court officer, selected Amber Energy as the successful bidder. However, the deal could be voided if a motion to block bondholders’ lawsuits is unsuccessful.
Amber Energy CEO Gregory Goff, a former vice chairman of Marathon Petroleum, emphasized the company’s commitment to operational excellence for long-term success. Elliott’s pursuit of Citgo follows lucrative investments in Marathon Petroleum and Phillips 66, making this acquisition a strategic extension of its oil refining interests.