{"id":1921809,"date":"2023-05-01T00:41:56","date_gmt":"2023-05-01T04:41:56","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-treasury-to-allow-auction-of-shares-in-citgo-petroleums-parent\/"},"modified":"2023-05-01T00:45:30","modified_gmt":"2023-05-01T04:45:30","slug":"us-treasury-to-allow-auction-of-shares-in-citgo-petroleums-parent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-treasury-to-allow-auction-of-shares-in-citgo-petroleums-parent\/","title":{"rendered":"US Treasury to allow auction of shares in Citgo Petroleum\u2019s parent"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-treasury-to-allow-auction-of-shares-in-citgo-petroleums-parent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1921809&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>US Treasury to Allow Auction of Citgo Shares<\/h2>\n<p>The US Justice Department has informed a federal court that it will not block a court auction of shares in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/father-of-former-marine-imprisoned-in-venezuela-pleads-with-biden-for-safe-return\/\" title=\"Father of Former Marine Imprisoned in Venezuela Pleads With Biden For Safe Return\">oil refiner<\/a> Citgo Petroleum Corp\u2019s parent, PDV Holding. This paves the way for a potential seizure by creditors of Venezuela\u2019s most-prized foreign asset. Citgo is PDV Holding\u2019s only asset and is the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/san-francisco-public-schools-update-policy-will-require-staffers-to-vaccinate-or-test-weekly\/\" title=\"San Francisco Public Schools Update Policy, Will Require Staffers To Vaccinate Or Test Weekly\">seventh-largest<\/a> US oil refiner. It has plants in Louisiana, Illinois, and Texas, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fncs-carlson-why-does-permanent-washington-hate-vladimir-putin-so-much\/\" title=\"FNC's Carlson: Why Does 'Permanent Washington' Hate Vladimir Putin so Much?\">energy pipelines<\/a> and a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-treasury-to-allow-auction-of-shares-in-citgo-petroleums-parent\/\" title=\"US Treasury to allow auction of shares in Citgo Petroleum\u2019s parent\">gasoline distribution network supplying 4<\/a>,200 outlets in the eastern half of the United States. Citgo reported a record $2.8 billion profit last year and could be valued at $13 billion.<\/p>\n<h3>US Treasury Changes Stance<\/h3>\n<p>The US Treasury Department has protected Citgo from creditors with claims against Venezuela since 2020. However, its change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding. The Treasury, which has blocked transactions involving Venezuela\u2019s US assets, \u201cwill not take enforcement action\u201d to halt the auction or a negotiated settlement, the Justice Department wrote in a letter filed on Friday in US District Court in Delaware. The Treasury would have to issue a license to complete any sale.<\/p>\n<h3>Court Auction Proposed<\/h3>\n<p>Canadian miner Crystallex International has a $970 million claim against PDV Holding that spawned the proposed court auction. Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case. Robert Pincus, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/disgruntled-nra-donors-push-to-oust-lapierre\/\" title=\"Disgruntled NRA Donors Push to Oust\u00a0LaPierre\u00a0\">court-appointed official<\/a> who met with the Justice Department and Treasury, urged the court to move quickly \u201cto take advantage of CITGO\u2019s recent financial and operational performance and the current state of the refining industry\u2026\u201d Pincus proposed starting the sales process on September 5, with the highest bid reviewed by the court in June 2024. The court has retained investment banker Evercore to assess market demand and conduct the sale.<\/p>\n<h3>Citgo Declines to Comment<\/h3>\n<p>A Citgo spokesperson declined to comment. A representative for Crystallex also declined to comment.<\/p>\n<ul>\n<li>The US Justice Department will not block a court auction of shares in Citgo Petroleum Corp\u2019s parent, PDV Holding.<\/li>\n<li>The change of heart will allow claims to be settled by negotiation or through an auction of shares in Citgo parent PDV Holding.<\/li>\n<li>Canadian miner Crystallex International has a $970 million claim against PDV Holding that spawned the proposed court auction.<\/li>\n<li>Other creditors with at least $2.6 billion in claims against Venezuela have received conditional approvals to join the case.<\/li>\n<li>Robert Pincus, a court-appointed official, urged the court to move quickly \u201cto take advantage of CITGO\u2019s recent financial and operational performance and the current state of the refining industry\u2026\u201d<\/li>\n<li>Pincus proposed starting the sales process on September 5, with the highest bid reviewed by the court in June 2024.<\/li>\n<li>The court has retained investment banker Evercore to assess market demand and conduct the sale.<\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>HOUSTON (Reuters) \u2013 The U.S. will not block a court auction of shares in oil refiner Citgo Petroleum Corp\u2019s parent, Justice Department officials told a federal court, paving the way for a potential seizure by creditors of Venezuela\u2019s most-prized foreign asset. The U.S. Treasury Department since 2020 has protected Citgo from creditors with claims against<\/p>\n","protected":false},"author":66,"featured_media":1921810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[7681,25490,10328,25491,4790,3778],"class_list":["post-1921809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-auction","tag-citgo","tag-parent","tag-petroleums","tag-shares","tag-treasury"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1921809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1921809"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1921809\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1921810"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1921809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1921809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1921809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}