Vitol Consortium Submits Over $10 Billion Bid for Citgo Parent as Gold Reserve's $7.38 Billion Offer Faces Bondholders' Objections

A consortium led by commodities trader Vitol has submitted a revised bid exceeding $10 billion for the parent company of Citgo Petroleum in a court-organized auction. This offer surpasses a competing bid of $7.38 billion led by Gold Reserve, which was recommended by a U.S. court officer. However, bondholders and other bidders have prepared objections to the Gold Reserve group's offer, signaling ongoing disputes in the auction process for the Venezuela-owned refinery's parent company.