HOUSTON, TEXAS (By Editors at Energy Analytics Institute, 18.Oct.2024, Words: 185) — Citgo Petroleum Corp. has 3 strategically located, deep conversion refineries in Texas, Louisiana and Illinois. Combined, these 3 refineries have a combined total refining capacity of approximately 807,000 b/d. Each refinery has the capability to process large volumes […]
Tag: PDV Holding
Citgo Auction in Jeopardy as Bondholders Pursue Claims
(Reuters, 9.Oct.2024) — Holders of billions of dollars in Venezuelan bonds and notes have emerged as last-minute protagonists in a U.S. court case set to decide the ownership of oil refiner Citgo Petroleum, threatening to derail an auction to compensate more than a dozen companies for unpaid debts and expropriations […]
EAI’s NRGBriefs: Sep. 2024
(Energy Analytics Institute, 30.Sep.2024) — Energy briefs as well as others related to finance and projects during Sep. 2024 including Petrobras inking separate MOUs with its Argentine and Surinamese counterparts YPF and Staatsolie; TechnipFMC being awarded two subsea contracts by Petrobras; CNOOC Limited saying the Shenhai-1 Phase II Natural Gas Development […]
Exxon Director Joins Elliott Seeking to Acquire Citgo Petroleum
(Reuters, 28.Sep.2024) — Exxon Mobil board director Gregory Goff recently joined a newly formed Elliott Investment Management-backed company seeking to acquire control of Venezuela-owned oil refiner Citgo Petroleum. Citgo and Exxon are rivals in the motor fuels and lubrications business. Exxon is the third-largest U.S. oil refiner by capacity and […]
Amber Energy Selected to Acquire Citgo
(Amber Energy, 27.Sep.2024) — Amber Energy Inc. has been selected as the acquirer of PDV Holding, Inc., the parent of Citgo Petroleum Corporation, by Robert Pincus, the Special Master appointed by the U.S. District Court for the District of Delaware to oversee the sale of PDV Holding, Inc. Amber Energy is […]
US Court Officer Moves to Block Creditors from Derailing Citgo Auction
(Reuters, 9.Sep.2024) — U.S. federal court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum on Monday asked the judge in the case to prevent creditors from pursuing additional lawsuits that could derail the sales process. Three creditors that had registered claims with the court but are unlikely to […]
June Deadline set for Citgo Auction Bids
(Argus, 17.Apr.2024) — Bidders for Citgo‘s US refining assets have until 11 June to submit offers for the company’s 805,000 b/d of refining capacity and associated assets, with a tentative sale hearing set for 15 July. Documents filed Tuesday in the US District Court for the District of Delaware set […]
More Venezuela Creditors to Join Citgo Auction
(Reuters, 8.Jan.2023) — A U.S. judge on Monday granted a large group of Venezuela-linked creditors rights to participate and receive proceeds from a coming auction of shares in the parent of Houston-based refiner Citgo Petroleum. A precedent-setting lawsuit by Canadian miner Crystallex Corp formally tied Venezuela-owned Citgo to the South […]
Local Trinidad Operator Expresses Interest in Citgo Assets
(Trinidad Express, 2.Nov.2023) — Decker Petroleum and Marketing Company Ltd (DPMCL), based in Trinidad and Tobago, has written the US District Court of Delaware officially expressing its interest in acquiring the asphalt assets of Venezuelan oil refiner Citgo. In 2018, the US District Court of Delaware ordered PDV Holdings, the […]
PDV Holding Recovers Citgo Stock Certificate
(PDV Holding, 26.Jun.2023) — PDV Holding, Inc. successfully recovered a stock certificate representing 49.9% of the outstanding shares of stock in its subsidiary CITGO Holding Inc. from an arm of Russian-controlled oil company Rosneft on Wednesday, 21 June 2023. This event brings to a close years of effort to recover […]
US To Consider Citgo Shares Sale Next Year
(Bloomberg, 15.Sep.2021) — The U.S. will consider authorizing the sale of Citgo Petroleum Corp. shares early next year, after the mandate of the Venezuela opposition government ends, according to a court document. The U.S. Treasury said it may reasses the sale of shares of Citgo’s parent company, PDV Holding Inc., […]
PDV Holdings Releases First-Ever Annual Report
(Citgo, 22.Jul.2020) — PDV Holding, Inc., the indirect sole stockholder of Citgo Petroleum Corporation, issued its first-ever annual report detailing financial and operational performance in calendar year 2019. Report highlights included successful debt refinancing, credit ratings upgrades, increased refining capacity and strengthened corporate governance measures. The report was released in […]
Aruba Offering Oil Storage After PDVH Exit
(Argus, 4.May.2020) — The Dutch Caribbean island of Aruba is offering to lease oil storage after terminating an ill-fated refining project with PdV Holding (PDVH), the opposition-controlled US subsidiary of Venezuela’s national oil company PdV. The lease offer comes at a time of severe tightness in onshore and floating oil […]
PDV Holding And Aruba Govt To End Refinery Project
(PDV Holding, 1.May.2020) — PDV Holding, Inc., and the Government of Aruba/Refineria di Aruba (RDA) today executed an amicable termination agreement in relation to the contract for the San Nicolás Aruba Refinery Project. The agreement was completed following parliamentary approval. The final agreement provides that PDV Holdings and its subsidiaries […]
The Latest Episode in the Crystallex-Venezuela Saga
(Mining.com, Valentina Ruiz Leotaud, 29.Aug.2018) — State-owned PetrĂłleos de Venezuela SA or PDVSA announced on Twitter that it filed an appeal requesting that a Delaware court vacate a decision made public on August 23 granting Canadian miner Crystallex the right to seize its U.S. assets. In its statement, the oil […]
PDVSA Says It Maintains Full Ownership of Citgo
(Energy Analytics Institute, Ian Silverman, 25.Dec.2016) – PDVSA maintains full ownership and control over its Houston-based subsidiary Citgo Petroleum Corporation. PDVSA, in an official statement, also downplayed media versions and comments emitted by persons it claims are only interested in generating political instability in Venezuela based on speculation, rumors and […]
CITGO, Aruba Gov’t Finalize San Nicolas Refinery Deal
(Energy Analytics Institute, Pietro D. Pitts, 11.Jun.2016) – Authorities from the governments of Aruba, the Bolivarian Republic of Venezuela, and officials from Venezuela’s state oil company PetrĂłleos de Venezuela, S.A. (PDVSA) and CITGO Aruba, gathered in Caracas, Venezuela to take part in the execution of a commercial agreement between CITGO […]