Lemont

The eight-year legal clash over the coveted CITGO refinery assets just took another unexpected turn, leaving the potential sale up in the air. The winner of the auction for CITGO’s three large U.S. refineries, related pipelines and terminal assets remains uncertain as the auction faces additional legal hurdles. In today’s RBN blog, we’ll dive into the latest in the court case and what it could mean for the three refineries involved, which have a combined capacity of more than 800 Mb/d.

The bitter, eight-year battle to control CITGO Petroleum’s three U.S. refineries could soon be coming to an end. A Delaware court has recommended a $7.38 billion bid from Dalinar Energy Corp., the U.S. subsidiary of Canadian miner Gold Reserve Ltd. There’s opposition, but a final decision could be just weeks away. In today’s RBN blog, we’ll discuss what a resolution would mean for the three refineries, which have a combined capacity of more than 800 Mb/d. 

It now seems likely that Elliott Investment Management’s Amber Energy will acquire CITGO Petroleum for $7.3 billion in mid-2025, thereby ending a yearslong legal drama about the fate of CITGO’s three large U.S. refineries and related pipelines and terminal assets. So what exactly is Amber buying and how will the refineries in question fare in the increasingly competitive global market for refined fuels? In today’s RBN blog, we’ll summarize the long legal battle that led to Amber’s selection by a federal court’s “special master” as the preferred buyer, examine the assets to be acquired, and assess what’s ahead for CITGO’s refineries, which have a combined capacity of more than 800 Mb/d.