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Reuters was first to report that a U.S. judge approved an auction process that could lead to the breakup of Venezuela owned Citgo Petroleum, the seventh-largest  U.S. oil refiner. Two years after first authorizing a sale of shares in Citgo’s parent company, PDVSA, the judge set bidding procedures and a calendar that could see a high bid accept within nine months to satisfy a $970 million judgment won by a Canadian miner over the expropriation of its assets in Venezuela. Reuters also revealed four other companies with $4.3 billion in combined claims against Venezuela — ConocoPhillips, Koch-related mineral and nitrogen companies, Gold Reserve Inc. and U.S. holders of defaulted Venezuelan bonds —  were seeking to have their own judgments registered with the same court. 

The post Reuters reveals U.S. judge approves sales process for shares in Citgo Petroleum’s parent company appeared first on Reuters News Agency.

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