LatAmOil: Second Citgo auction closes amid significant interest

The second round of bids in the US-based auction of shares in the Venezuelan-owned US refiner Citgo Petroleum ended on Tuesday, 11 June, with at least one confirmed credit offer received. The sale has attracted significant interest from energy firms and investors, including attempts to delay the event.

The US court overseeing the mandated auction has now said that bidders may increase their binding offers, even after the deadline, Reuters reported on Wednesday. The news agency cited a spokesperson from Canadian miner Gold Reserve, which submitted a bid.

"Whoever submits the winning bid, that bid can be topped off," said Jean-Charles Potvin, a spokesperson for Gold Reserve. This to enable a credit offer submitted by a group with a claim against Venezuela to make good on its full claim, he said.