Bid by Elliott affiliate emerges as front runner in Citgo auction, filing says

Gold Reserve

26/08/2025 02:15

HOUSTON, Aug 25 (Reuters) - A U.S. court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum said on Monday a bid by an affiliate of hedge fund Elliott Investment Management is considered superior to an offer by a group led by miner Gold Reserve GRZ.V, which he had previously recommended as the winner.

The evaluation by officer Robert Pincus could lead to a new winner recommendation if Gold Reserve's subsidiary Dalinar Energy does not soon match or exceed the terms submitted by Elliott's affiliate Amber Energy.

 (Reporting by Marianna Parraga; Editing by Christian Schmollinger)

 ((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters Messaging: @mariannaparraga))