US court set to delay Citgo auction result to August
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.
Related news posts
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more