Citgo Sale Approved After Years of Court Battles

The long-running legal saga surrounding the future of Houston-based Citgo Petroleum reached a major turning point after a federal judge approved the company’s $5.9 billion sale to Amber Energy. The decision follows years of litigation, global political implications, competing bids, and a highly watched court-supervised auction process.

U.S. District Judge Leonard P. Stark of the District of Delaware issued the approval after overseeing one of the largest court-ordered asset sales in modern history. According to Houston Public Media, the ruling moves Amber Energy closer to completing the acquisition in 2026, pending procedural steps, regulatory clearances, and final settlement of outstanding claims.

A Years-Long Path to the Sale

Citgo has been the center of legal conflict because it is owned by PDV Holding, a U.S.-based subsidiary of the Venezuelan state-run oil company Petroleos de Venezuela S.A. (PDVSA). The Venezuelan government’s debts and defaulted obligations prompted numerous creditors to pursue Citgo, one of Venezuela’s most valuable foreign assets.

Houston Public Media noted that earlier court rulings determined Citgo’s shares could be auctioned to compensate a Canadian mining company owed billions by PDVSA. That judgment opened the door to additional creditors and led to a complex, multi-round auction process supervised by the Delaware court.

The process required coordination among the U.S. government, creditor groups, court-appointed officials, and Citgo’s leadership as bids were secured and vetted.

Amber Energy Prepares for Transition

Following the judge’s announcement, Amber Energy CEO Gregory Goff stated the company plans to invest in Citgo’s operational future.

Amber Energy CEO Gregory Goff

“We look forward to working with the talented CITGO team to strengthen the business through capital investment and operational excellence. I am confident that together we will help enhance America’s energy leadership position,” Goff said in a news release.

Citgo employs approximately 3,300 workers across three major U.S. refineries:

• Corpus Christi, Texas

• Lake Charles, Louisiana

• Lemont, Illinois

The company also maintains branded fuel networks and extensive midstream and distribution operations. Houston Public Media reported that all existing Citgo operations are expected to continue functioning as the ownership transition progresses.

What’s Next

The transaction will move into its finalization phase, with completion expected in 2026, barring delays or new legal challenges. Additional steps include financial settlements, regulatory review, and execution of the purchase agreement as outlined by the Delaware court.

Citgo’s sale marks a significant moment in international energy, corporate law, and U.S.-Venezuela relations, concluding a dispute that has stretched across multiple countries, presidential administrations, and courts.

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