Updated:2024-09-28 05:39 Views:61
A firm backed by Elliott Investment Management was named on Friday as the leading contender to acquire Citgo Petroleum, the oil refining giant that has been the subject of a long legal battle over billions of dollars the government of Venezuela owes foreign businesses, including U.S. energy companies.
A special master appointed to oversee the sale of Citgo said in a federal court filing that he recommended the company be sold to an affiliate of Elliott, Amber Energy. A federal judge would have to approve the deal, which values Citgo at up to $7.3 billion, including debt.
Citgo’s main assets are three refineries in Illinois, Louisiana and Texas that together account for roughly 4 percent of the country’s fuel-making capacity. It also owns pipelines and other facilities.
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