Citgo Auction Extended as Court Allows New Bids Until June 2

A federal judge has granted an extension to the highly contested auction of Citgo’s parent company, giving investors until June 2 to submit new bids for the Venezuelan-owned oil refiner.

The ruling, issued late Monday, comes amid mounting interest from both U.S. and international bidders eager to acquire Citgo’s vast refining assets, estimated to be worth over $10 billion. The auction, seen as a landmark case in the enforcement of international debt claims, has drawn attention from energy giants and hedge funds alike.

Citgo, which is operated by PDVSA but based in the U.S., has been caught in the crosshairs of U.S. sanctions and lawsuits from creditors seeking repayment from the Venezuelan government.

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“This extension opens the door for more competitive offers,” said energy analyst Derek Lawton. “But it also adds pressure on the court to ensure transparency and fairness.”

The Venezuelan opposition, which has held temporary control over Citgo under U.S. protection, has warned that a rushed sale could result in the loss of one of the country’s most valuable overseas assets.

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Human rights groups are also weighing in, urging the Biden administration to ensure proceeds from any sale do not fund authoritarian crackdowns in Caracas.

As the June 2 deadline approaches, the future of Citgo hangs in the balance and with it, broader questions about how global politics intersect with corporate law in times of crisis.

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