LatAmOil: ConocoPhillips moves to secure priority in Citgo auction proceeds

ConocoPhillips has lodged a court motion to maintain its near-top position amongst creditors vying for proceeds from the sale of shares in Citgo Petroleum's parent company, Reuters reported. The US oil giant aims to safeguard its claim amidst a flurry of legal challenges from other creditors seeking to improve their standing.

Citgo, the sole asset of PDV Holding, has been deemed liable for Venezuela's foreign debts by a US district court in Delaware. The impending auction, slated for completion in the coming months, has drawn the attention of 18 creditors seeking to recover up to $21.3bn for expropriations and debt defaults by Venezuela under the tenure of former president Hugo Chavez.

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