High-Stakes Drama Unfolds in Citgo Petroleum Auction

A Delaware court officer has requested a pause in the auction process for shares in Citgo Petroleum's parent company. Originally set for next week, the final hearing was postponed following the emergence of new bids, according to a court filing disclosed on Wednesday.

The delay was prompted by unsolicited bids from groups including affiliates of hedge fund Elliott Investment Management and commodities company Vitol. These came in despite the court officer's initial recommendation for a bid from a unit of miner Gold Reserve.

This development highlights the high-stakes nature of the auction, as interested parties continue to vie for control of the Venezuelan-owned refiner, Citgo Petroleum.

(With inputs from agencies.)