US Court Delays Citgo Share Auction by Three Weeks, Sets October 15 Date

Aug 1, 2024, 02:22 PM

US court officials handling the auction of shares in Citgo Petroleum's parent company to repay Venezuela's debts have requested additional time to finalize discussions. According to court filings, negotiators seek three more weeks to conclude talks and set terms for the Citgo share auction. The court has accepted this delay, pushing back the final recommendation on bids to August 22 and setting October 15 as the date to choose the winner. The auction, which could change the ownership of the seventh-largest oil refiner, has seen bids from entities including Vitol Group and Gold Reserve. The court-appointed special master overseeing the auction has asked to postpone identifying a successful bidder to August and the sale hearing to October.