US court set to delay Citgo auction result to August

Market: Crude oil, Oil products
01/08/24

The court-appointed special master overseeing the ongoing auction of US refiner Citgo has asked the court to postpone identifying a successful bidder to August and a sale hearing to October.

The court was initially expected to announce a successful bid for Citgo's 804,000 b/d of refining capacity alongside lubricant plants, midstream and retail assets in late July with a sale hearing in September.

Special master Robert Pincus asked the court in a motion filed Wednesday to delay the successful bid notice to on or about 22 August with a sale hearing on 15 October.

Final bids for Citgo's US assets were submitted on 11 June, with the auction aiming to satisfy debts owed by the company's parent firm, Venezuelan state-owned PdV.

"The special master has made significant progress towards identifying the successful bidder and executing a purchase agreement," according to Wednesday's filing.

By Nathan Risser

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Mexico manufacturing extends contraction in March

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