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Judge Invites Hedge Fund to Join Citgo Sale Process

OIL

Hedge Fund Atlana Wealth can join companies seeking compensation from the sale of refiner Citgo’s parent company Petroleos de Venezuela Holding (PDVH) to settle claims against the Venezuelan government and the state oil company, a US Circuit Judge Leonard Stark said on Wednesday.

  • Motion for writ of attachment and extension granted, Stark said.
  • The decision does not invite other creditors to emerge and join the process, the judge added.
  • Citgo operates a 807kbpd oil refining network, owns interests in pipelines and terminals, and supplies fuel to 4,200 independent gasoline outlets in the U.S.
  • Citgo has not paid any dividends to Venezuela since 2019, when Citgo severed ties with PDVSA following US sanctions.
Energy BulletsCommodities
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