Bringing CITGO Home: Joseph Hernandez's American Mission | amNewYork

"CITGO Petroleum, one of the nation's most critical energy companies, has long been entangled with Venezuela's state-owned PDVSA, leaving it vulnerable to corruption, lawsuits, and foreign influence. The current court-supervised sale presents a rare opportunity to free CITGO from that legacy and secure its future under stable American ownership. Two major bids have shaped the process: Elliott Management's $6 billion offer through Amber Energy, and Gold Reserve's $7.5 billion proposal via Dalinar Energy."

"But both raise concernseither concentrating control in a hedge fund or relying on foreign, uncertain financing. Enter Joseph Hernandez and his Blue Water Venture Partners, backed by Blue Water Acquisition Corp III, a U.S.-listed SPAC. Their $10 billion bid delivers the highest value while offering creditors a choice: immediate cash or equity in a new publicly traded American company. This dual approach balances certainty with long-term potential, resolves litigation, and ensures governance under SEC oversight."

"For Hernandez, a Cuban-born entrepreneur whose father was a political prisoner under Fidel Castro, the bid carries deep personal meaning. Having built companies in biotech, healthcare, and technology, and holding degrees from Yale and Oxford, Hernandez sees this not just as a business deal but as a mission: returning a vital U.S. asset to American hands. Now also running for New York City mayor, Hernandez frames his campaignand his CITGO planon accountability, discipline, and results."

CITGO Petroleum has been tied to Venezuela's state-owned PDVSA, creating vulnerabilities to corruption, lawsuits, and foreign influence. A court-supervised sale offers an opportunity to remove that legacy and place CITGO under stable American ownership. Two major bids—Elliott Management's $6 billion offer through Amber Energy and Gold Reserve's $7.5 billion proposal via Dalinar Energy—raised concerns about concentrated hedge fund control or uncertain foreign financing. Joseph Hernandez's Blue Water Venture Partners, backed by a U.S.-listed SPAC, submitted a $10 billion offer that gives creditors a choice of cash or equity in a new publicly traded American company. The proposal aims to resolve litigation, ensure SEC oversight, and enable reinvestment in refinery upgrades, safety, and new technologies while returning economic benefits to American investors and workers.

Read at www.amny.com