HOUSTON -A U.S. court has been asked to postpone to Sept. 19 a hearing to present the winning bid in an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a motion filed with the court on Friday.
The court had planned to finish the sale process, which has included two bidding rounds, on July 15, days before Venezuela's presidential election on July 28, which Washington sees as a possible exit to the South American country's long-standing political crisis.Among the several competitive offers,"multiple bids were actionable," Robert Pincus, the court officer overseeing the auction, wrote in the motion.
Citgo is the seventh largest U.S. oil refiner with storage terminals, pipeline participations and three refineries that can process up to 807,000 barrels per day ofVenezuelan President Nicolas Maduro's administration and his political opposition have been requesting the U.S. government to delay or halt the auction, so that its results do not alter the election outcome.
At least five groups of investors submitted binding bids in the second round, and three secured financing commitments from banks and advisors including JPMorgan, Morgan Stanley and Rothschild & Co, people close to the matter told Reuters this month.
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