Story perspectives

CITGO Sale Hearing: Amber's $8B Bid Faces Opposition

9/2/2025

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Summary

Story summary

The hearing for CITGO's sale begins on September 15, with Amber Energy's $8 billion bid leading over Gold Reserve's $7.9 billion offer.
Gold Reserve contests the recommendation, arguing Amber's bid inadequately addresses creditor claims.
Objections to the recommendation are due by September 6, as the auction seeks to resolve nearly $19 billion in claims against Venezuela.
U.S. government approval is required for the ownership change; Venezuela calls the sale "the theft of the century."

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Story summary

The hearing for CITGO's sale begins on September 15, with Amber Energy's $8 billion bid leading over Gold Reserve's $7.9 billion offer.
Gold Reserve contests the recommendation, arguing Amber's bid inadequately addresses creditor claims.
Objections to the recommendation are due by September 6, as the auction seeks to resolve nearly $19 billion in claims against Venezuela.
U.S. government approval is required for the ownership change; Venezuela calls the sale "the theft of the century."