Houston, December 3, 2025
A federal judge in Houston has given the green light for the sale of Citgo Petroleum Corporation to Amber Energy for $5.9 billion, ending an eight-year legal dispute concerning Venezuela’s assets. Amber Energy, an affiliate of Elliott Investment Management, aims to enhance Citgo’s refining and marketing operations while the Venezuelan government contests the sale, labeling it as ‘fraudulent.’ The deal is expected to close in 2026, pending regulatory approvals.
Houston Judge Approves Sale of Citgo to Amber Energy
Houston, Texas – A U.S. federal judge has approved the sale of Citgo Petroleum Corporation, a Houston-based oil refining company, to Amber Energy, an affiliate of Elliott Investment Management. This decision concludes an eight-year legal battle over Venezuela’s assets and is expected to close in 2026, pending regulatory approvals.
Details of the Sale
The court authorized Amber Energy’s $5.9 billion bid for PDV Holding, Citgo’s parent company. This bid includes a $2.1 billion payment to holders of a defaulted Venezuelan bond, addressing a significant obstacle in the sale process. Amber Energy plans to retain Citgo’s brand and operations, aiming to enhance its refining and marketing capabilities. The acquisition is anticipated to provide growth opportunities for Citgo employees, customers, and local communities.
Venezuela’s Response
The Venezuelan government has publicly denounced the sale, labeling it “fraudulent” and “forced.” Venezuelan Vice President and Oil Minister Delcy Rodriguez emphasized the government’s firm opposition to the legal proceedings that led to the sale. In response, Venezuela, along with Citgo and its parent companies, has filed an appeal with the U.S. Court of Appeals for the Third Circuit to contest the Delaware judge’s order authorizing the sale of PDV Holding’s shares to Amber Energy.
Background Context
The sale follows a court-organized auction initiated by creditor Crystallex in 2017, designed to satisfy claims from up to 15 creditors due to Venezuela’s debt defaults and asset expropriations. Amber Energy’s bid was selected over a competing offer from Gold Reserve, which had raised concerns about conflicts of interest and irregularities in the sale process. Despite these objections, Judge Leonard Stark characterized Amber’s bid as the best combination of price and certainty of closing. The sale is still subject to approval from the U.S. Treasury’s Office of Foreign Assets Control and other regulatory bodies.
Impact on Houston
Citgo operates a significant refining network, including major facilities in the Gulf Coast region that support thousands of Texas jobs. The sale is expected to stabilize vendor relationships and restore confidence among Houston contractors that provide services to Citgo. Industry analysts anticipate that Amber Energy’s focus on operational efficiency may lead to changes in capital spending or workforce planning, both of which are important to Houston’s energy labor pool. However, any near-term disruption is unlikely, as refining operations continue to perform well.
Key Features of the Sale
| Feature | Details |
|---|---|
| Bid Value | $5.9 billion, including a $2.1 billion payment to holders of a defaulted Venezuelan bond |
| Buyer | Amber Energy, an affiliate of Elliott Investment Management |
| Venezuela’s Response | Publicly denounced the sale as “fraudulent” and “forced”; filed an appeal with the U.S. Court of Appeals for the Third Circuit |
| Expected Closing | 2026, pending regulatory approvals and satisfaction of other closing conditions |
| Impact on Houston | Stabilization of vendor relationships; potential changes in capital spending or workforce planning; minimal near-term disruption expected |
What is the value of Amber Energy’s bid for Citgo?
Amber Energy’s bid for Citgo is valued at $5.9 billion, which includes a $2.1 billion payment to holders of a defaulted Venezuelan bond.
What is Venezuela’s response to the sale?
The Venezuelan government has publicly denounced the sale, labeling it “fraudulent” and “forced,” and has filed an appeal with the U.S. Court of Appeals for the Third Circuit to contest the Delaware judge’s order authorizing the sale.
When is the sale expected to close?
The sale is expected to close in 2026, pending regulatory approvals and the satisfaction of other closing conditions.
What impact will the sale have on Houston?
The sale is expected to stabilize vendor relationships and restore confidence among Houston contractors that provide services to Citgo. Industry analysts anticipate that Amber Energy’s focus on operational efficiency may lead to changes in capital spending or workforce planning, both of which are important to Houston’s energy labor pool. However, any near-term disruption is unlikely, as refining operations continue to perform well.
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