**Elliott-Backed Firm Poised to Acquire Citgo Petroleum Amid Legal Battle**

In a significant development, a firm supported by Elliott Investment Management has emerged as the primary candidate to purchase Citgo Petroleum, an oil refining heavyweight entangled in a protracted legal dispute over debts owed by the Venezuelan government to various foreign entities.

Amber Energy, an affiliate of Elliott, has been recommended by a special master appointed to supervise the sale, which could value Citgo at up to $7.3 billion, including debt. The sale awaits approval from a federal judge, potentially leading to a seismic shift in the ownership of Citgo.

Citgo, a subsidiary of Venezuela's national oil company Petróleos de Venezuela, boasts significant assets, including three major refineries in Illinois, Louisiana, and Texas, contributing to roughly 4 percent of the United States' fuel-making capacity. Additionally, it owns a network of pipelines and other facilities.

Amber Energy, which indicated plans to preserve the Citgo brand while enhancing its operations, aims to build on Citgo's legacy. "We will prioritize operational excellence to lay a foundation for stability, strength, and long-term success," remarked Gregory Goff, Amber Energy's CEO, and a director at Exxon Mobil.

This potential acquisition is part of a broader legal resolution for foreign businesses, including U.S. energy companies, seeking compensation for over $21 billion in debts after the Venezuelan government expropriated their assets. Notable claimants include the now-defunct Canadian gold miner Crystallex and the U.S. oil giant ConocoPhillips.

The U.S. District Court judge overseeing the Citgo case, Leonard P. Stark, had previously ruled that shares in Citgo's U.S.-based parent company could be auctioned to satisfy these claims. A hearing on the sale of Citgo is slated for November, with Amber Energy anticipating the deal's closure by mid-next year.

This ruling follows the contentious re-election of President Nicolás Maduro of Venezuela, which has been marred by accusations of electoral fraud. Citgo has yet to comment on the recent developments.