Reuters reveals U.S. judge approves sales process for shares in Citgo Petroleum’s parent company

Reuters was first to report that a U.S. judge approved an auction process that could lead to the breakup of Venezuela owned Citgo Petroleum, the seventh-largest  U.S. oil refiner. Two years after first authorizing a sale of shares in Citgo’s parent company, PDVSA, the judge set bidding procedures and a calendar that could see a high bid accept within nine months to satisfy a $970 million judgment won by a Canadian miner over the expropriation of its assets in Venezuela. Reuters also revealed four other companies with $4.3 billion in combined claims against Venezuela — ConocoPhillips, Koch-related mineral and nitrogen companies, Gold Reserve Inc. and U.S. holders of defaulted Venezuelan bonds —  were seeking to have their own judgments registered with the same court.