U.S. Court Extends Citgo Auction Deadline Amid Intense Bidding

A U.S. federal judge has extended the deadline for submitting bids in the court-organized auction of shares in Citgo Petroleum's parent company, owned by Venezuela. The period will now continue until at least June 2, as per a filing from the Delaware court.

In a significant development, a U.S. federal judge has pushed the deadline for bids in the court-monitored auction of Citgo Petroleum's parent company shares, which are owned by the Venezuelan government. The new deadline for submitting rival offers is set for June 2 or later.

This decision, conveyed through a Delaware court filing, highlights the ongoing complexities and strategic interests surrounding the ownership of the beleaguered Venezuelan oil refining company.

The extension aims to provide potential bidders with additional time to prepare their competing proposals, thereby ensuring a competitive and transparent auction process.

(With inputs from agencies.)