Back in '08 a Canadian mining company, Crystallex, owned by a hedge fund had a gold mine in Venezuela nationalized. They sued for $1.4 billion against the Venezuelan oil company PDVSA (know as CITGO in the US) with several refineries and 4000 retail outlets in the US.
After years of legal wrangling, in 2018 a judge ruled against Venezuela and said they had to pay $1.4 billion or give up their CITGO assets. Venezuela said it wasn’t giving up any cash.
Amber Energy plans to hold on to Citgo refineries after takeover
https://www.reuters.com/legal/litigation/amber-energy-plans-hold-citgo-refineries-after-takeover-2025-12-01/
Elliott Investment Management’s affiliate Amber Energy plans to keep Citgo Petroleum’s refineries, terminals and other connected assets once it takes over the Venezuela-owned U.S. refiner, following the completion of a court-ordered auction, sources close to the preparations said.
A Delaware court last week approved Amber’s $5.9 billion bid for Citgo’s parent PDV Holding and ordered the sale of PDV’s shares, wrapping up an auction aimed at compensating creditors for debt defaults and expropriations in Venezuela.
DB2