Venezuela seeks to halt Citgo sale, says refiner’s value now tops Amber’s $5.9 billion bid

Venezuela asked a U.S. court to stop the sale of Citgo Petroleum’s parent, arguing the refiner’s value has risen sharply since a Delaware judge approved Amber Energy’s $5.9 billion bid in November 2025. In a May 12, 2026, letter unsealed May 14, lawyer Alexandra Cumings told Judge Leonard Stark that Citgo should now be valued at $15.1 billion under the most conservative valuation discussed in court. The sale of PDV Holding, Citgo’s parent, was ordered to help pay Venezuela-linked creditors and still requires U.S. Treasury approval. A U.S. appeals court is also considering requests by Venezuela and rival bidders to suspend the process over valuation and alleged conflicts involving advisers to the court-supervised auction. Amber, an affiliate of Elliott Investment Management, has denied the allegations. Amber CEO Gregory Goff said in an April 2026 Wall Street Journal opinion article that the company plans $11 billion in Citgo investments and urged U.S. approval of the deal.