After hearing, US judge decides on bid starting price in Citgo parent sale
In the coming days, a U.S. Court is expected to confirm and reject a $3.7billion offer made by an affiliate of Contrarian Funds. The offer was intended to set a floor price for a second round of bidding for shares in Citgo Petroleum's parent company. Citgo, America's seventh-largest refiner, was the subject of a Thursday hearing at which creditors made their case. PDV Holding is auctioned off to cover the up to $21 Billion owed to Venezuela and PDVSA…
Maxeon Solar will establish alternative supply chains in the face of tariff turmoil
Maxeon Solar Technologies, a renewable energy company, announced on Friday that it would create alternative supply and manufacturing chains in response to the tariffs levied by U.S. president Donald Trump. After the bell, shares of the company rose 4.6%. The move comes in the midst of a global trade war that is intensifying after Trump on Thursday imposed a baseline 10% tariff on all U.S. imported goods, as well as higher duties on dozens other countries.
Texas LNG plans to announce its final investment decision in December
Brian Duval, CEO of Glenfarne Energy Transition, said that the company expects to reach a final decision about its Texas LNG project in December. Glenfarne Energy has developed a 4 million metric tons per year (MTPA) liquefied gas plant (LNG) in Brownsville, South Texas. He said that the company had already signed an Engineering, Procurement and Construction (EPC), contract with Kiewit for the construction of the plant.
Judge rejects bids to block Gramercy Fund lawsuits
A U.S. court ruled on Monday that three companies can continue their lawsuits to increase their chances of receiving proceeds from an auction of Citgo Petroleum's parent shares. In a motion to block parallel lawsuits, the court officer who oversees the auction at federal court in Delaware said that the decision could reduce any proceeds from a sale. Citgo parent PDV…
US Energy Department: Two LNG reviews must be waited for by regulator
The U.S. Department of Energy announced on Tuesday that it will not be able to finish its reviews of two proposed liquefied gas export terminals planned for Louisiana until an independent regulatory agency completes their environmental assessments of these projects. The Department of Energy said that it must wait until the Federal Energy Regulatory Commission (FERC)…
USDoE: LNG Reviews must await EIA's
The U.S. Department of Energy announced on Tuesday that it will not be able to finish reviews of two projects for liquefied gas in Louisiana until a regulatory agency independent of the Department has completed its environmental assessments.The DOE stated that it must wait until the Federal Energy Regulatory Commission (FERC) has completed its work to review export applications to countries where the U.S. doesn't have free-trade agreements.
US Court Ready to restart Citgo Auction
A court advisor recommended Tuesday that the auction of shares in Citgo Petroleum's parent company to pay Venezuelan claims needs to be reworked. He acknowledged that a year-long process had been in disarray and needed a fresh start.The U.S. District Court in Delaware auctions shares in PDV Holding in order to pay $21.3 billion in claims made against Venezuela and the…
Elliott Affiliate's Citgo Bid to be Challenged
Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids, sources close to the matter said.The auction of shares in the U.S. oil refiner's parent PDV Holding…
Citgo creditors attack Elliott bid in auction, seeking rival offers
Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management, has ended any hope of changing Citgo's ownership this year to satisfy Venezuela's debt defaults or expropriation.
US Supreme Court will not halt EPA power plant emission rule
The U.S. Supreme Court refused on Wednesday to suspend a new federal regulation targeting carbon pollution from coal and gas-fired plants, despite the requests of many states and industry groups. This is another major setback to President Joe Biden’s efforts to fight climate change. The Justices refused emergency requests from West Virginia, Indiana, and 25 other states…
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S.
Siemens Energy settles with US over gas turbine contract dispute
Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment, as well as servicing, to Dominion Energy Inc. in 2019.
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest. Goff, a former Exxon executive who joined the company in 2021…
Elliott group seeks to buy Citgo Petroleum from Exxon director
Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest. Goff, who was part of the dissident board of directors that joined Exxon 2021…
US Court of appeals overturns Biden's tip wage rule
A U.S. court of appeals on Friday overturned a rule that President Joe Biden’s administration had adopted to increase the pay of tipped employees. The court cited a recent U.S. Supreme Court decision which curtailed federal agencies’ ability to issue regulations. The 5th U.S. Circuit Court of Appeals, located in New Orleans, is composed of a three-judge panel. Circuit…
Citgo: Oil Tanker Caught in Dispute Enters International Waters
U.S. refiner Citgo said the Gerd Knutsen oil tanker, which had been carrying crude claimed by both the company and Venezuelan parent PDVSA, departed Venezuela's Jose Terminal on Thursday and entered international waters on Friday morning.The tanker over the past week discharged its 1 million barrel cargo, worth some $57 million, in Venezuela after being stranded for over a year off the South American country's coast amid fallout over U.S.
US Judge Rejects Exxon, Shell Nigeria Case
A U.S. judge on Wednesday rejected Exxon Mobil Corp's and Royal Dutch Shell Plc's effort to revive a $1.8 billion arbitration award against Nigeria's state-run oil company, which stemmed from a dispute over a 1993 contract to extract oil near the African country's coastline.U.S. District Judge William Pauley in Manhattan cited public policy and due process considerations…
TC Energy: Order Blocking Keystone XL Pipeline Lifted
TC Energy Corp's long-delayed Keystone XL oil pipeline took a small step forward this week, after a U.S. court overturned an injunction that barred certain work on the project, the company said.The company, which also reported a better-than-expected quarterly profit on Thursday, has been working for more than a decade to build the controversy-ridden 830,000 barrel per day (bpd) pipeline.KXL would run from an oil hub at Hardisty…
U.S. Court Vacates Dominion Atlantic Coast Natgas Pipe Permit
A U.S. appeals court in Richmond, Virginia, on Friday vacated a permit by the U.S. Fish and Wildlife Service that allowed Dominion Energy Inc to build its Atlantic Coast natural gas pipe from West Virginia to North Carolina in areas inhabited by threatened or endangered species.(Reuters, Reporting by Scott DiSavino; editing by Jonathan Oatis)
U.S. Court to Decide Who Will Control Citgo
A U.S. court will decide whether a board of directors appointed by Venezuelan President Nicolas Maduro or one backed by his rival, opposition leader Juan Guaido, runs the eighth-largest U.S. refiner, Citgo Petroleum Corp.A lawsuit filed by Maduro's representatives on Tuesday in Delaware Chancery Court seeks to reassert control over Citgo , along with other U.S. subsidiaries of PDVSA…
