On December 2, 2025, Venezuelan Vice President and Oil Minister Delcy Rodriguez denounced the sale of PDV Holding, the parent company of Citgo Petroleum, as a 'fraudulent' and 'forced' move 🛢️⚖️. The sale was authorized last week by a U.S. judge, prompting strong objections from Caracas.
Rodriguez emphasized that the Venezuelan government has always opposed this decision and announced an appeal against the order read by Delaware Judge Leonard Stark. The judge approved a $5.9 billion bid from an affiliate of hedge fund Elliott Investment Management following a court-organized auction.
Lawyers for Venezuela, Citgo, its parent firms, and miner Gold Reserve filed the appeal on Monday, arguing the sale undermines Venezuela’s claim to its key energy assets 📉. The dispute highlights deeper tensions over control of the country’s oil resources.
A recent Hinterlaces poll found that 90% of respondents in Venezuela believe the U.S. intends to overthrow President Nicolas Maduro and seize the nation’s oil industry. That widespread skepticism adds fuel to an already heated legal battle 💥.
As the appeal moves forward, all eyes will be on how U.S. courts and international opinion shape the fate of one of Venezuela’s most valuable assets.
Reference(s):
Venezuela rejects sale of Citgo's parent, vice president says
cgtn.com
