Vitol Leads $10 Billion Bid for Citgo Parent in Delaware Auction

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Published Jul 2, 2025, 03:07 PM

A consortium led by commodities trader Vitol has lodged an offer exceeding $10 billion for shares in PDV Holding, the parent company of Venezuela-owned refiner Citgo Petroleum, according to people familiar with the process. Roughly $5 billion of the proposal is cash, while the remainder would be paid through credit bids covering up to 14 creditor claims and a provision for holders of a defaulted Venezuelan sovereign bond.

The bid was submitted in the closing hours of a Delaware court-supervised auction intended to compensate at least some of the 15 creditors that have sought almost $19 billion following Venezuela’s asset expropriations and debt defaults since 2017. The court officer overseeing the sale is expected to recommend a winner on Wednesday, though he may request additional time to evaluate last-minute offers.

Competing proposals of a similar magnitude were tendered in recent days by consortia led by Chicago-based Black Lion Capital Advisors and by a unit of Canadian miner Gold Reserve, underscoring heightened interest in the seventh-largest U.S. refiner. Vitol previously took part in earlier bidding rounds, including one that set a $3.7 billion starting price, but improved court rulings in related cases have encouraged higher bids.

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