On Tuesday, December 2, 2025, Venezuelan Vice President and Oil Minister Delcy Rodriguez rejected a U.S. court’s approval to sell PDV Holding — the parent company of U.S.-based refiner Citgo Petroleum — calling the move “fraudulent” and “forced.”
The sale was greenlit last week by Delaware Judge Leonard Stark after a court-organized auction saw an affiliate of Elliott Investment Management submit a winning bid of $5.9 billion for PDV Holding’s shares.
Lawyers for Venezuela, Citgo and Gold Reserve filed an appeal on Monday, arguing that the judicial process violated international norms and Venezuela’s sovereign rights. “We energetically reject the decision adopted in the judicial process,” Rodriguez said in a televised statement, reaffirming Caracas’s steadfast opposition.
Why it matters: If completed, the acquisition would shift control of Citgo — which supplies roughly 5 percent of U.S. fuel — to a private hedge fund affiliate, raising questions about energy security and geopolitical leverage amid tense U.S.–Venezuela relations.
Public opinion: A recent Hinterlaces poll found that 90 percent of Venezuelan respondents believe the U.S. intends to use the sale to undermine President Nicolas Maduro and seize control of the country’s oil assets.
What’s next: The appeals process could stretch into 2026, leaving Citgo’s future in flux. Investors, policy watchers and energy strategists will be watching closely to see if the U.S. judicial system pauses or proceeds with the transfer, and how Caracas will respond on diplomatic and legal fronts.
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Venezuela rejects sale of Citgo's parent, vice president says
cgtn.com
