By Marianna Parraga
Reuters
Monday, August 11, 2025
HOUSTON -- Subsidiaries of miner Gold Reserve and commodities trader Vitol are nearing the finish line in a fiercely contested U.S. court-organized auction that will determine control of Venezuela-owned U.S. refiner Citgo Petroleum, according to two sources with knowledge of the process and court filings.
A court officer overseeing the bidding round last month recommended a $7.4-billion offer by a group led by a unit of Bermuda-based Gold Reserve as the auction's winner, out of a total of five bids submitted, including one by a Vitol subsidiary. Delaware Judge Leonard Stark is expected to choose the winner after a final sale hearing on August 18.
... Dispatch continues below ...
... ADVERTISEMENT ...
Buy, Sell, or Store Precious Metals with Money Metals Exchange
Money Metals Exchange, a national bullion dealer recently named "Best Overall" by Investopedia.com --
https://www.moneymetals.com/
-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.
Shop online with Money Metals Exchange here --
https://www.moneymetals.com/buy [2]
-- or by calling 1-800-800-1865.
Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:
https://www.moneymetals.com/depository [3]
The decision will determine control of the crown jewel of Venezuela's overseas assets, the seventh-largest U.S. refiner.
Despite Gold Reserve's leadership status, its bid faces objections from parties in the case and holders of a Venezuelan bond, some of whom the Vitol unit is seeking to strike a deal with, in a move that could shake up the auction again. ...
... For the remainder of the report:
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Sunday-Wednesday, November 2-5, 2025
https://neworleansconference.com/gata/ [5]
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon:
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
http://www.gata.org/node/16 [8]
Donations of $250 will entitle the donor to a 1-ounce silver round commemorating GATA's work:
https://www.gata.org/sites/default/files/GATA-silver-round-front.png [8]