Auction that could change ownership of Citgo delayed
Published 8:53 am Tuesday, August 6, 2024
- TeamCITGO volunteers collect unwanted electronics for safe recycling at the annual Citgo E-Recycle Day at the Lake Charles Event Center on Saturday. (Special to the American Press)
The selection of finalists in an auction that could change the ownership of Citgo Petroleum, Lake Charles, has been delayed, according to Reuters.
The seventh largest oil refinery in the U.S. is owned by Venezuela, and the delay comes amid a fiercely disputed presidential election there.
The U.S. court overseeing the court-ordered auction of Venezuela’s PDV Holding, the parent company of the refiner, has requested additional time to evaluate the bids, according to an online article in Oil Price.com.
Shares from Cigo’s parent company are being auctioned to satisfy claims against Venezuela’s government and state-owned oil company because a trial found the company liable for the country’s past debt defaults and expropriations.
The American Press reached out to the Citgo Lake Charles office for comment about the latest bids,,but did not receive a response by deadline.
