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$10 billion Citgo auction could finally end twisting saga of Venezeulan expropriation, imprisoned ex
Phillips 66Phillips 66(US:PSX) Fortune·2025-09-19 14:45

Founded 115 years ago in Oklahoma, Citgo Petroleum is a quintessentially American oil and gas brand. Except, of course, that it’s been quietly and entirely owned by Venezuela since 1990.Now, the decade-long legal saga over the fate of the Houston-based oil refiner could soon end through a drawn-out, legal auction to pay off creditors who lost oil assets, mining rights, and more when they were expropriated under Venezuela’s former socialist ruler, Hugo Chavez. The bidders do not include the usual suspects, s ...