Court weighs postponing Citgo auction bid hearing to September

(Reuters) – A U.S. court has been asked to postpone to September 19 a hearing to present the high bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a motion filed with the court on Friday.

The court officer evaluating bids in an Delaware court auction of shares in a parent of the seventh largest U.S. oil refiner requested the two-month delay to complete his evaluation and finish negotiating with bidders, the motion said. It has to be accepted by the judge to go into effect.

The auction, an unprecedented sale expected to lead to an ownership change of Venezuela’s foreign crown jewel, is the culmination of a seven-year court battle seeking to satisfy $21.3 billion in claims against the South American country.

The court had planned to finish the sale process, which has included two bidding rounds, on July 15, days before Venezuela’s presidential election on July 28, which Washington sees as a possible exit to the South American country’s long-standing political crisis.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Marex Shifts Focus From FX and CFDs to Commodities With Brazil’s Agrinvest Acquisition

    • June 5, 2025
    Marex Shifts Focus From FX and CFDs to Commodities With Brazil’s Agrinvest Acquisition

    Marex Shifts Focus From FX and CFDs to Commodities With Brazil Agrinvest Acquisition

    • June 5, 2025
    Marex Shifts Focus From FX and CFDs to Commodities With Brazil Agrinvest Acquisition

    B2PRIME Appoints Ex-oneZero Head of Sales as Institutional Business Development Manager

    • June 5, 2025
    B2PRIME Appoints Ex-oneZero Head of Sales as Institutional Business Development Manager

    Gold Prepares for Bull Run After Short Breather. Forecast as of 05.06.2025

    • June 5, 2025
    Gold Prepares for Bull Run After Short Breather. Forecast as of 05.06.2025