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 June 28.
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.
Recommended Reading
Court Weighs Postponing Citgo Auction Bid Hearing to September
2024-06-28 - A U.S. court has been asked to postpone a hearing to present the high bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum.
Laredo Oil Subsidiary Hell Creek Begins Drilling in Montana’s Midfork
2024-06-28 - Laredo Oil expects the well to be production-ready by late July.
Energy Transition in Motion (Week of June 28, 2024)
2024-06-28 - Here is a look at some of this week’s renewable energy news, including plans for another offshore wind energy lease sale.
Hess Midstream Repurchases $100MM Class B Units
2024-06-28 - Hess Midstream repurchased more than 2.7 million Class B units as part of its strategy to deliver shareholder returns.
Global Grid Infrastructure to Double by 2050, DNV Says
2024-06-19 - To meet growing electricity demand, global grid infrastructure is set to double by 2050, according to Oslo-based DNV.