Overview
- In November 2025, a federal judge approved Amber Energy’s $5.9 billion plan to acquire shares of PDVSA tied to Citgo to settle debts, positioning the Elliott affiliate for control.
- Venezuelan officials have denounced the process as fraudulent and filed an appeal, leaving the outcome uncertain.
- Amber Energy spokesperson Braden Reddall said the Citgo transaction has not been completed.
- A shift in Citgo’s ownership could bring Petty’s Island under Elliott’s control, while New Jersey maintains a conservation easement and seeks to create an urban nature reserve.
- Recent geopolitical developments reported in coverage are being cited as potential factors that could influence whether Venezuela continues its legal challenge.