Amber plans to hold these assets for the long term and is strategising to operate efficiently and generate returns through steady cash flow.
Elliott Investment Management, through its affiliate Amber Energy, plans to retain the assets of Citgo Petroleum’s refineries, terminals, and related assets after it buys the Venezuela-owned US refiner. The plan comes after the court-ordered auction was completed, according to the sources familiar with the preparation.
A Delaware court last week approved Amber’s $5.9 billion offer to buy Citgo’s parent company, PDV Holding, and ordered the sale of PDV’s shares. This wrapped up the auction designed to compensate creditors for debt defaults and expropriations in Venezuela.
The auction process heated up increasingly in its final phase. Amber and its main competitor, Gold Reserve, both raised their offers, and new participants emerged at the last minute with offers.
However, the sale still needs to be approved by the US Treasury’s Office of Foreign Assets Control. Citgo and its Venezuelan parent companies have appealed to get the auction results and the court’s order for sale, which means there is still uncertainty about whether the deal will be completed.
Citgo is widely considered Venezuela’s most valuable crown asset. The company has a refining capacity of 829,000 barrels per day and runs a network of 43 terminals and 4,000 independently owned retail stations across the United States. The Houston-based company is the seventh-largest US refiner, employing around 3,300 workers.
According to those familiar with Amber’s plans, the company expects to hold these assets for the long term. They are strategizing to operate efficiently and get returns through steady cash flow.
Citgo’s three refineries, located in Texas, Louisiana, and Illinois, can take advantage of their geographic diversity. This allows for year-round, seasonally balanced production and stable earnings, especially when combined with the company’s terminals and branded retail outlets.
Citgo’s asset combination differs from the portfolio of Phillips 66, another major refiner, which Elliott has put under a magnifying glass after building a large minority stake of $2.5 billion, as it is focused on ensuring that Phillips 66 does not lose focus on refining operations.
Elliott and Citgo did not respond to requests for comment. On Monday, Citgo and its parent companies filed an appeal against the Delaware judge’s order for the sale.
Amber stated last week that they expect the sale to be finalized in the coming year, once they have received all regulatory approvals and other conditions are met. Upon completing the deal, the company will continue to operate under the Citgo brand.
Once the deal is completed, the company is expecting a leadership change. Amber’s management team, which includes industry veterans Greg Goff and Jeff Stevens, is expected to restructure Citgo’s board, removing some top executives and introducing cost-cutting measures to improve profitability. Amber plans to make some board members stay and turn some contractors into permanent employees.
Citgo’s profit declined sharply due to weaker refining margins, leading to losses in the first two quarters of 2024 and 2025. The company recovered in the second quarter of 2025, and its cash reserves increased to $2.75 billion by the end of the third quarter.
Amber sees that the lengthy sale process has “eroded asset values and operations” and has led to the loss of talented employees. While court advisors valued Citgo at about $13 billion, the Venezuelan government claims the company’s worth could be as high as $18 billion.
Despite these challenges, Amber remains confident in Citgo’s workforce and asset quality. Bringing Citgo out of its uncertain status is expected to help the company flourish. Amber is also optimistic about the company’s growing cash flow, which has been aided by restrictions on dividend repatriation to Venezuela and by recent investments in maintenance and upgrades at its refineries.
