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Carl Icahn-controlled CVR Energy (NYSE:CVI) has submitted a binding offer in an ongoing auction of shares in the parent of Venezuela-owned Citgo Petroleum, Reuters reported Tuesday.
A U.S. court in Delaware is auctioning the shares to pay creditors that have $21.3B in claims against Venezuela’s government for defaults and expropriations, and the court has so far accepted bids from CVR Energy (CVI), trading house Vitol and others as part of a sale process of one of the parents of Citgo, the seventh largest U.S. oil refiner.
CVR Energy (CVI) is working with investment bankers at Wells Fargo to raise the financing for its bid, according to the report.
CVR Energy’s (CVI) mid-continent oil refineries would make a solid geographic match to Citgo’s refineries in Texas, Louisiana and Illinois, the report said.
Reuters reported in April that Elliott Investment Management was weighing a bid, and a group of creditors represented by Centerview Partners aimed to lure ConocoPhillips to join a separate offer.