US Treasury Department

The second and final round of bidding in a court-mandated auction of Venezuela’s US-based oil subsidiary CITGO has concluded. Several corporations submitted binding offers by a June 11 deadline as part of a process organized by a Delaware District Court to satisfy a number of claims against the Caribbean nation totaling US USD 21.3 billion. In October 2022, Judge Leonard P. Stark set in motion the sale of shares belonging to PDV Holding (PDVH), CITGO’s parent company. The process was brought forward by Canadian miner Crystallex. The auction procedure will pay 18 creditors, which are looking to collect on international arbitration awards on a “first come, first serve basis,” based on when the court approved their writs.