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Carl Icahn-backed CVR Energy (NYSE:CVI) and a group of creditors holding claims against Venezuela are competing for proceeds from a U.S. court auction for Citgo Petroleum, Reuters reported Friday.
A total of 18 creditors holding rulings for debt defaults and expropriations in Venezuela totaling $21.3B are pursuing proceeds, a group that includes a unit of Koch Industries and miner Gold Reserve (OTCQX:GDRZF) have offered ~$9B in combined cash and claims, and CVR Energy (CVI) has separately submitted a ~$8B all-cash bid, according to the report.
Citgo, the crown jewel of Venezuela’s foreign assets, has storage terminals, pipelines and three oil refineries that can process up to 807K bbl/day of crude oil into fuels.
The Venezuelan government, which is the middle of a political crisis following a disputed presidential election, has called the auction a theft of its prized asset.
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