CVR Energy, owner and operator of the Wynnewood refinery in southern Oklahoma and also controlled by billionaire activist investor Carl Icahn, is attempting to gain control of shares in the parent of Venezuela-owned Citgo Petroleum.
Reuters made the report based on discussions with three people familiar with the matter. Icahn alaready controls nearly two thirds of the shares of CVR which operates its 75,000-bpd refinery in Wynnewood and another in Coffeyville, Kansas. The Coffeyville refinery produces about 115,000 barrels a day.
Icahn and CVR submitted their bid after a U.S. court in Delaware began auctioning shares to pay creditors with $21.3 billion in claims against Venezuela over defaults and expropriations.
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A U.S. court in Delaware is auctioning the shares to pay creditors that have $21.3 billion in claims against Venezuela for defaults and expropriations. The court has so far accepted bids from CVR, trading house Vitol and others as part of the historic sale process of one of the parents of Citgo, the seventh largest U.S. oil refiner.
CVR is working with investment bankers at Wells Fargo to raise the financing for its bid, the people said. The company has the support of Icahn Enterprises in its offer, the people added.
