SUBSCRIBE
PROFILE

An Elliott affiliate raises bid to $8.82bn for Citgo’s parent company

Amber Energy, an affiliate of hedge fund Elliott Investment Management, submitted an $8.82bn offer for PDV Holding, intensifying competition in the court-supervised sale process in Delaware.

Share:

Gain full professional access to energynews.pro from 4.90£/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90£/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90£/month

*Special launch offer: 1st month at the indicated price, then 14.90 £/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99£/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99£/year

*Introductory annual price for year one, automatically renewed at 149.00 £/year from the second year.

Sign up for free to unlock this article

Amber Energy, an affiliate of US hedge fund Elliott Investment Management, has officially raised its bid to $8.82bn in the ongoing auction of PDV Holding, the parent company of Citgo Petroleum. The offer, disclosed in a court filing submitted to Delaware authorities, places Amber Energy ahead of competing bidders just days before the court’s final decision.

A process relaunched in January

The sale of PDV Holding, a subsidiary of Venezuelan state oil company Petróleos de Venezuela S.A. (PDVSA), was revived in January following an initial attempt marked by disputes over Citgo’s valuation and concurrent legal proceedings. The court-supervised sale aims to recover unpaid debts linked to Venezuela’s sovereign obligations.

Three major offers in contention

According to documents filed with the Delaware court, a subsidiary of energy trader Vitol submitted a $8.45bn bid, while a consortium led by Gold Reserve Inc. made an offer of $7.4bn. Amber Energy’s revised proposal includes a payment mechanism for holders of defaulted Venezuelan bonds, as detailed in a letter from Red Tree Investments, one of the creditors involved.

Judicial decision expected soon

A Red Tree representative stated in an official filing that, under Delaware law, “Amber Energy is the highest bidder and should be selected as the winner.” The court is expected to hold a hearing in the coming days to decide between the competing offers. Amber Energy has not responded to requests for comment on the transaction.

Both PDV Holding and Citgo Petroleum are listed on the New York Stock Exchange. The Delaware court previously ruled that PDV Holding could be held liable for Venezuela’s sovereign obligations, allowing creditors to pursue the refiner for repayment.

  • Popular on energynews.pro
Technip Energies secures two major contracts for Ecoplanta methanol plant in Spain
Hydrogen Valleys: the Clean Hydrogen Partnership selects 36 European applications
Iberdrola adds 708 MW of solar capacity to joint venture with Norges Bank
Dutch parliament approves RED III, reassuring biofuels market participants
EDF power solutions and El Paso Electric launch 150 MW solar facility in New Mexico
Major fire contained at Chevron’s El Segundo refinery, investigation underway
A major fire has been extinguished at Chevron’s main refinery on the US West Coast. The cause of the incident remains unknown, and an investigation has been launched to determine its origin.
OPEC+ prepares new production hike amid rift between Riyadh and Moscow
Eight OPEC+ countries are set to increase oil output from November, as Saudi Arabia and Russia debate the scale of the hike amid rising competition for market share.
China could supply gasoline to Russia if Moscow removes import duties
The potential removal by Moscow of duties on Chinese gasoline revives export prospects and could tighten regional supply, while Singapore and South Korea remain on the sidelines.
Putin denounces “piracy” after tanker seized off French coast
Vladimir Putin responded to the interception of a tanker suspected of belonging to the Russian shadow fleet, calling the French operation “piracy” and denying any direct Russian involvement.
Russian oil tanker Boracay resumes voyage after being seized by France
After being intercepted by the French navy, the Boracay oil tanker, linked to Russia's shadow fleet, left Saint-Nazaire with its oil cargo, reigniting tensions over Moscow’s circumvention of European sanctions.
Russian crude exports hit 18-month high despite sanctions pressure
Russian seaborne crude shipments surged in September to their highest level since April 2024, despite G7 sanctions and repeated drone strikes on refinery infrastructure.
Moscow rules out diesel export ban for producers
Russia’s Energy Ministry stated it is not considering blocking diesel exports from producers, despite increasing pressure on domestic fuel supply.
TotalEnergies sells Norwegian oil assets to Vår Energi to reduce debt
TotalEnergies has reached a deal to sell mature offshore oil fields in the North Sea to Vår Energi as part of a $3.5bn divestment plan aimed at easing its rising debt.
Russia extends ban on gasoline and diesel exports until 2025
The Russian government has extended the ban on gasoline and diesel exports, including fuels traded on the exchange, to preserve domestic market stability through the end of next year.
OPEC denies imminent production hike by eight OPEC+ countries
OPEC has formally rejected media reports suggesting that eight OPEC+ countries plan a coordinated oil production increase ahead of their scheduled meeting on October 5.
International Petroleum completes buyback of 7.46 million common shares
International Petroleum Corporation has completed its annual common share repurchase programme, reducing its share capital by 6.2% and is planning a renewal in December, pending regulatory approval.
Kansai EPCO to decommission 1.2GW of oil-fired capacity at Gobo by June 2026
Kansai Electric Power plans to shut down two heavy fuel oil units at Gobo Thermal Power Station, totalling 1.2GW of capacity, as part of a production portfolio reorganisation.
Questerre completes PX Energy acquisition and launches joint venture with Nimofast
Canada’s Questerre partners with Nimofast to develop PX Energy in Brazil, with an initial commitment of up to $50mn and equal, shared governance.
BP approves Tiber-Guadalupe, $5 billion project in the Gulf of Mexico
BP commits $5 billion to Tiber-Guadalupe, with a floating platform targeting 80,000 barrels per day and first production in 2030, to increase its offshore volumes in the Gulf of Mexico.
Russian oil and gas revenues seen falling to $206.1bn in 2025
Russia projects a 12.5% contraction in oil and gas revenues in 2025, before a gradual recovery through 2028, according to official economic projections.
Baker Hughes secures major contract with Petrobras for 50 subsea systems
Baker Hughes will supply up to 50 subsea trees and associated equipment to Petrobras to support offshore production in Brazil, strengthening its role in the development of pre-salt fields.
Oilfield equipment market to reach $36.87bn by 2031 driven by global demand
Driven by rising global energy consumption and exploration investments, the oilfield service equipment market is expected to grow at a 5.39% CAGR to reach $36.87bn by 2031.
US sanctions against NIS postponed by eight days, says Belgrade
US sanctions against Serbian oil company NIS, owned by Gazprom, were delayed by eight days after talks between Belgrade and Washington, President Aleksandar Vucic said.
PENGASSAN halts gas supply to Dangote refinery after mass layoffs
Nigeria’s oil union ordered the suspension of gas and crude deliveries to Dangote refinery following the dismissal of hundreds of local workers, escalating an industrial dispute with potential supply impacts.
Vitol acquires 30% of Baleine oil field in Côte d’Ivoire from Eni
Vitol strengthens its presence in West Africa by acquiring a 30% stake in the Baleine oil field from Eni, while maintaining an active role in the country’s offshore development.