Amber Energy Promises to Invest $11 Billion in Citgo If OFAC Authorizes Sale
Amber Energy stated that it will invest $11 billion in Citgo Petroleum if the acquisition of the company, currently owned by Venezuela, is finalized. Reuters Amber Energy CEO Greg Goff promised this investment as long as the U.S. Department of the Treasury, through its Office of Foreign Assets Control (OFAC), authorizes the transfer of control of the refinery to the company.
TL;DR
- Amber Energy plans to invest $11 billion in Citgo Petroleum.
- The investment is conditional on the finalization of Citgo's acquisition.
- CEO Greg Goff requires authorization from the U.S. Treasury's OFAC for the transfer of control.
- A Delaware judge had previously approved the transfer of Citgo's control to Amber Energy.