The fate of Citgo, the prized asset of Venezuela’s PDVSA, may be determined by the end of the week, with creditors potentially left empty-handed. Citgo, with a processing capacity over 800,000 barrels daily, cut ties with PDVSA in 2019 amid U.S. sanctions. Lawsuits against PDVSA led to the current auction, with proceeds insufficient to cover all claims.

ConocoPhillips, Citgo’s biggest claimant, is involved in an 18-year litigation effort over assets expropriated by Hugo Chavez. ConocoPhillips alone seeks $11 billion in compensation, while total claims amount to nearly $19 billion. Top bids for Citgo so far fall short, with a consortium led by Gold Reserve and a bid from Amber Energy in contention.

Amber Energy’s bid prompted a higher offer from Gold Reserve, with details undisclosed. Another bid by Blue Water worth $10 billion, including settlements for bondholders, was rejected for lack of financing. A decision on Citgo’s sale is expected by Thursday, with uncertainties about claimants recouping losses from Venezuela’s government change in the late 90s.

Read more at Yahoo Finance: PDVSA’s U.S. Crown Jewel Slips Through Venezuela’s Fingers