Overview
- A Delaware court approved Amber Energy’s $5.9 billion bid for Citgo’s parent and obligated the buyer to cover more than $2 billion owed to defaulted bondholders.
- The Treasury’s sanctions office has until the end of May to approve or reject the sale, and an expected OFAC opinion to an appeals court has not arrived.
- Venezuela asked the court to cancel the sale as rival bidder Gold Reserve and others pursue appeals, while Amber and the court’s officer deny alleged conflicts.
- Citgo’s board cleared the company to join U.S. government tenders to sell Venezuelan crude in an initial 50‑million‑barrel program, with buyers still unapproved.
- U.S. authorities captured Nicolás Maduro and signaled indefinite control of Venezuela’s oil resources, as some officials indicate a preference for U.S. ownership of the refiner.