December 2025 – A U.S. federal court in Delaware has granted final approval for the sale of shares in Citgo Petroleum’s parent company, clearing the way for Amber Energy, an affiliate of Elliott Investment Management, to acquire the Venezuelan‑owned refiner for $5.9 billion. The ruling marks the last major legal step in a two‑year court‑supervised auction aimed at settling billions in claims against Venezuela’s state oil company PDVSA.
Judge Leonard Stark concluded that Amber Energy’s offer provided the “best overall combination of price and certainty of closing,” according to filings cited by Reuters Yahoo Finance UK TradeWinds. The decision overrides a higher competing bid from a consortium led by Gold Reserve, which had offered more than $7 billion but faced questions over financing and execution certainty Yahoo Finance UK The Globe and Mail.
The sale involves shares of PDV Holding (PDVH), the U.S.-based parent of Citgo, and stems from long‑running litigation by creditors seeking compensation for unpaid debts linked to Venezuela’s economic collapse. The court’s final order authorizes the transaction but requires Amber Energy to secure all necessary U.S. Treasury (OFAC) approvals before closing, a process that could extend into next year The Globe and Mail.
Venezuela’s government has condemned the ruling as a “forced” and “fraudulent” seizure of one of its most valuable foreign assets, accusing the U.S. of enabling the transfer of Citgo to private investors against its will Al Jazeera.
If completed, the deal will hand Elliott control of the seventh‑largest U.S. refiner, a strategically significant asset with major refining and fuel distribution operations across the United States.
Court of Chancery on The Circle in Georgetown, Delaware Picture By Antony-22
