A US Court has greenlit the sale of shares of PDV Holding (a division from the Venezuelan oil group PDVSA that owns the US refining company Citgo Petroleum Corporation (CITGO)) to Amber Energy (Diario Las Américas, 30/11/2025). The shares were put to sale on an auction process that began in 2023 to pay at external creditors of the Venezuelan State. The transaction, which is expected to ccomplete in 2026, includes Amber Energy's agreement to pay over US$2bn to holders of Venezuela's PDVSA 2020 bonds that remain unpaid so far.
Venezuela’s vice president has rejected the court’s decision denouncing it as illegal for the exclusion of the Venezuelan government and PDVSA from the process and announced it reserves its right to take legal action against the involved parties.
Citgo Petroleum is the seventh largest oil company in the US by refined volume and a subsidiary of state-owned company Petróleos de Venezuela (PDVSA) since the 1980’s. It includes three refineries with a combined capacity of over 800 kb/d, over 40 terminals, and a network of pipelines crossing 23 US states. In 2019, the company was handed over by US authorities to the Venezuelan opposition as the “legitimate representative of the Venezuelan state” after rejecting the results from the Venezuelan elections.
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