Amber Energy Inc. has been selected as the acquirer of PDV Holding Inc., the parent company of Citgo Petroleum Corporation. The announcement last week marked a significant development in the U.S. energy landscape, with the deal expected to close by mid-2025. Amber Energy, backed by key U.S. energy investors, including Elliott Investment Management L.P., places an enterprise value of up to $7.28 billion on Citgo, according to Reuters.

Citgo’s primary assets include three major refineries located in Illinois, Louisiana, and Texas, which together account for approximately 4% of the U.S. fuel-making capacity. In addition to its refineries, Citgo controls pipelines and other essential facilities that are critical to its operations. This acquisition underscores Amber Energy’s confidence in the potential for growth in Citgo’s established assets.

Gregory Goff, the CEO of Amber Energy and a former board member at Exxon Mobil, expressed optimism about the acquisition, stating, “We will prioritize operational excellence to lay a foundation for stability, strength, and long-term success for the benefit of the company’s people, customers, and communities.” Goff’s leadership brings decades of experience in the energy sector, with a 30-year career at ConocoPhillips.

Meanwhile, Jeff Stevens, President of Amber Energy, emphasized the company’s commitment to Citgo’s legacy and future. “We believe in Citgo’s fundamental strengths and are confident we have the operational expertise and capital necessary to elevate Citgo as a leader in refining, transportation, and marketing.”

Amber Energy plans to maintain Citgo’s well-known brand and build upon its 110-year history. The company also outlined its strategic growth ambitions, which include reinvestments in the business and exploring opportunities that enhance profitability while focusing on sustainability.

Meanwhile, in Aruba, the Future of Refinery Cleanup Remains Uncertain

While Amber Energy is looking forward to a prosperous future with Citgo, Aruba is still grappling with the aftermath of Citgo’s operations on the island. The old refinery in San Nicolas remains an environmental hazard, and questions linger about who will take responsibility for its costly cleanup. As negotiations and legal matters unfold, the people of Aruba are left waiting to see who will foot the bill for addressing the environmental impact left by the shuttered facility. The refinery’s future cleanup could delay much-needed investment and development in the region.