Why does Venezuela argue that the $5.9 billion sale of Citgo's parent company PDV Holding should be halted?

Venezuela argues the sale should be halted because, according to its lawyer Alexandra Cumings, Citgo's value has significantly increased since the November auction—reaching an estimated $15.1 billion using the most conservative valuation discussed in court—making the $5.9 billion bid 'plainly unfair' to Citgo, the Venezuelan people, and out-of-the-money creditors; this increase is attributed in part to a 50% surge in oil prices following U.S.-Israeli attacks on Iran that triggered a three-month war restricting global energy supplies.

What conflict-of-interest allegations did Venezuela’s lawyers raise regarding the Citgo sale process?

Venezuela’s lawyers alleged conflicts of interest involving firms that advised court-appointed special master Robert Pincus—who oversaw the auction—and also worked for Elliott Investment Management, the hedge fund behind winning bidder Amber Energy; they further claimed Amber Energy’s CEO Gregory Goff violated a confidentiality agreement by publicly disclosing strategic information about Citgo in a Wall Street Journal opinion article.

Venezuela Says Refiner Citgo's Value Has Increased, Calls for Halting Sale

May 14, 2026

Venezuelan lawyers urge a U.S. court to halt Citgo's $5.9 billion sale to Elliott Investment Management, claiming rising oil prices have significantly increased the refiner's value since the auction began.

reuters

2026-05-14

Venezuela Says Refiner Citgo's Value Has Increased, Calls for Halting Sale

Venezuela Says Refiner Citgo's Value Has Increased, Calls for Halting Sale

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