Elliott Investment Management, vying to acquire Citgo Petroleum, is recommended by a special master for the $7.3 billion sale as part of Venezuela's debt settlement efforts.
Citgo's main assets include three major refineries in the U.S., crucial for fuel production, while the company’s operations are unlikely to impact its franchise network of gas stations.
The court previously decided to auction Citgo's parent company shares to fulfill over $21 billion in claims by foreign companies against the Venezuelan government, including Crystallex and ConocoPhillips.
As Venezuela's national oil company subsidiary, Citgo remains one of its most significant foreign assets, with a sale influenced by ongoing legal disputes over the government's expropriation of foreign-held assets.
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