23 October 2023, 6:08 pm 1 minute
Reuters exclusively reports that for the past four years, the United States protected oil refiner Citgo Petroleum from creditors seeking to seize Venezuela’s foreign crown jewel for billions of dollars in claims. But on Monday, a U.S. judge will kick off an auction expected to place the Houston-based company in the hands of rivals or investors.
Now, the forced auction, which involves a parent whose only asset is the refining firm, offers potential for raising some $13 billion to pay a small number of a long list of Venezuela-linked creditors, according to official estimates. Few companies are expected to be able to bid for the entire business: three refineries, six pipelines, and 4,200 independent gasoline retailers. The sale could become the biggest court auction ever held. Bidders are expected to include Marathon Petroleum (MPC.N), Saudi-owned Motiva Enterprises, Valero Energy (VLO.N) and Koch Industries. Infrastructure investors might also place bids, according to people close to the matter.
Topics of Interest: Energy
Type: Reuters Best
Sectors: Commodities & Energy
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story