The CITGO auction process is underway, with one of the latest actions being the bid presented to United States District Judge Leonard P. Stark of the District of Delaware, regulating the sale, for USD 12,000,000,000 from the oil company Murzuq Oil.
The offer was submitted on March 5, 2025, but the company’s CEO, Jomode Elie Getty, requested a four-month extension from March 7 to fully evaluate and prepare an informed acquisition proposal.
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Murzuq Oil’s Offer
On March 5, 2025, Jomode Elie Getty, CEO and founder of the Libyan company, Murzuq Oil, submitted a letter of interest for the Venezuelan refinery to Judge Leonard P. Stark, the presiding judge overseeing the CITGO Petroleum Corporation auction process, whose shares are owned by PDV Holding, a subsidiary of Petróleos de Venezuela S.A. (PDVSA).
Getty formally expressed Murzuq Oil’s interest in acquiring the oil company, as the firm sees the development of global refining infrastructure in its strategic vision, making CITGO “a key opportunity to expand our presence in the U.S. energy sector.”
He explained that since 2012, Murzuq Oil has pursued acquiring refineries in developed markets — having made bids between 2012 and 2014 for the French Petroplus Holdings — and currently operates in 16 African nations. Their operations include a 150,000 bpd refinery project in Niger, and they are also in discussions with the Nigerian government regarding oil and gas infrastructure.
This is why, according to Jomode Elie Getty, CITGO aligns with the strategic objectives of his company.
Multiple Unanswered Requests
Murzuq Oil, through its CEO, informed Judge Stark that they have made multiple formal requests but have been unable to access CITGO’s data room.
Jomode Elie Getty stated in his communication that Evercore Inc. — the investment banking firm reviewing the bids — “is not cooperating with us, and my attempts to organize access and complete the necessary documentation have gone unanswered.” He also reported that phone calls he made were abruptly cut off. In this regard, he expressed concern about “this lack of transparency that could hinder fair participation in the process.”
Consequently, Murzuq Oil requested a four-month extension from March 7, 2025, to evaluate and prepare a complete informed acquisition proposal.
The Bid Amount
Getty specified that the extension requested from the court would allow Murzuq Oil to finalize its financial and operational agreements, complete the necessary documentation, and work with U.S. ambassadors to ensure the transparency of the process, as some documents require certified translations.
However, Jomode Elie Getty submitted a bid of USD 12 billion to purchase all of CITGO, stating to the judge that Murzuq Oil is a financially capable company that, while currently lacking a refinery, possesses the experience in constructing them in four African countries.
He emphasized that the proposal to purchase CITGO “is backed by a strong financial plan, with an estimated valuation exceeding USD 80 million.” The company also commits to fulfilling all obligations to the refinery’s creditors within five years.
Finally, Murzuq Oil requested the Delaware court to ensure that no creditor seeking to divide CITGO into pieces can participate in the auction, given that it is a strategic company.
About Murzuq Oil
Murzuq Oil complained to the judge about Evercore’s lack of transparency, the investment bank reviewing the offers.
Murzuq Oil is an oil and gas exploration and production company that engages in the marketing and transportation of natural gas and crude oil, petrochemical refining, consulting, and strategic planning. It was founded on November 15, 2011, by Jomode Elie Getty, a former Libyan revolutionary fighter who fought against Muammar Gaddafi’s government.
Headquartered in Sebha, Libya, Murzuq Oil opened an office in Charlotte, North Carolina, on October 26, 2017, and another in Houston, Texas, in 2021. In Libya, Murzuq Oil owns seven companies, one in Chad, and three in Niger.
Between 2012 and 2014, the company attempted to acquire the struggling French refinery Petit-Couronne (Petroplus France). Since 2012, Murzuq Oil has aimed to purchase an oil refinery, but their offers were rejected.
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