Amber Energy to Acquire CITGO Petroleum Corporation
Amber Energy Inc., led by experienced energy executives Gregory Goff and Jeff Stevens, has been selected as the acquirer of PDV Holding, Inc., the parent company of CITGO Petroleum Corporation. The acquisition was recommended by Robert Pincus, the Special Master appointed by the United States District Court for the District of Delaware. The investment group backing Amber Energy includes Elliott Investment Management L.P.
The funding will be used to strengthen CITGOs position in the refining, transportation, and marketing of essential energy products. The management team, with a focus on operational excellence, aims to ensure stability, strength, and longterm success for CITGOs employees, customers, and communities. The transaction is expected to close in mid2025, subject to regulatory approvals and court processes.
Gregory Goff, CEO of Amber Energy, and Jeff Stevens, President, emphasize the importance of CITGOs legacy and the potential for growth and enhancements in profitability. They plan to reinvest in the business, support operational improvements, and further sustainability efforts. The board of directors of Amber Energy will include Goff, Stevens, and other industry experts.
The investors behind Amber Energy bring a wealth of strategic U.S. energy expertise to the table. Barclays is serving as the lead financial advisor, with Citi and Perella Weinberg Partners also providing financial advice. Legal counsel is being provided by Akin Gump Strauss Hauer & Feld LLP and Latham & Watkins LLP.
