Amber Energy has been selected as the court-approved bidder for Citgo.

“The transaction is expected to close in mid-2025,” according to a news release from Amber Energy, which is backed by a group of strategic U.S. energy investors, including Elliott Investment Management.

Elliott’s web page said it is one of the oldest investment managers of its kind under continuous management.

The transaction is subject to certain regulatory and other approvals — including approval by the U.S. District Court for the District of Delaware — and the satisfaction of certain conditions.

Citgo Petroleum, owned by the government of Venezuela, has been the subject of a long legal battle over billions of dollars the government owes foreign businesses, including U.S. energy companies. Its main assets are refineries in Illinois, Texas and Lake Charles.

A New York Times article about the pending sale said it “is unlikely to directly affect operations at more than 4,000 independently owned gas stations that use the Citgo brand as franchisees.”

Based on statements from Amber’s CEO, Gregg Goff, it seems unlikely that any major pivot is expected in Lake Charles.

“Building upon Citgo’s legacy, and with a focus on the future, we will prioritize operational excellence to lay a foundation for stability, strength and long-term success for the benefit of the Company’s people, customers and communities,” said Goff said in the news release.

Also included in the release from Amber Energy are statements from Goff who said the company “looks forward to a “continuation” to  “further strengthen ” to “grow opportunities” and to “partner” with the people of Citgo to ensure the company continues to operate with the highest standards of safety and reliability.