Citgo Petroleum's Ownership Battle Heats Up

A Delaware court is likely to deny miner Gold Reserve's motion to disqualify Elliott Investment Management's bid for Citgo Petroleum's parent company. Judge Leonard Stark indicated this decision ahead of the final sale hearing. Elliott's affiliate, Amber Energy, currently leads with a $5.9 billion bid.

Devdiscourse News Desk | Houston | Updated: 10-09-2025 22:27 IST | Created: 10-09-2025 22:27 IST

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A Delaware court appears inclined to reject a motion from miner Gold Reserve aimed at disqualifying a competing bid by Elliott Investment Management for Citgo Petroleum's parent company. This was revealed by Judge Leonard Stark in a filing on Wednesday.

The court-organized auction is set to proceed to its final sale hearing next week, during which Judge Stark will decide on the auction's winner. The hearing builds upon the preliminary selection made last month of a $5.9 billion offer from Elliott's affiliate, Amber Energy, currently seen as the leading bid.

The outcome of this closely-watched auction could have significant implications for the ownership structure of Citgo Petroleum, a key player in the oil industry.

(With inputs from agencies.)