Monday, July 7, 2025

Us Court News

Q&A: Is Venezuela on the verge of losing its prized foreign asset, Citgo?

After at least three consortia revised their bids in June and a U.S. Court completed the second round of bidding in an auction of shares of Citgo Petroleum, owned by Venezuela, creditors are hopeful that they will receive payment for some outstanding Venezuelan debt. The auction of the seventh largest U.S. refiner was organized by a court in response to a case Crystallex, based out of Canada, brought eight years ago against Venezuela.

US energy company EQT settles lawsuit for $167.5 Million

According to a filing made by plaintiffs in federal court on Thursday, U.S. Energy Company EQT has agreed to pay $167.5 Million to settle a lawsuit brought by investors who alleged that EQT had overstated its benefits from its $6.7 Billion merger with Rice Energy. Officials from EQT did not respond to a request for comment immediately. The case includes the Eastern Atlantic States Carpenters Annuity Fund (the plaintiff)…

Divided US appellate court upholds Biden's biofuel rule

The U.S. Environmental Protection Agency’s 2023-2025 renewable fuel standards were not thrown out by a federal appeals court on Friday. However, the court concluded that regulators had failed to assess the impact the rule could have on climate changes and endangered species. The U.S. Court of Appeals, District of Columbia Circuit, ruled 2-1 in favor of environmental groups and refiners.

US Supreme Court tests which courts can hear EPA Cases

Wednesday, the U.S. Supreme Court set rules for determining when cases challenging the actions of the U.S. Environmental Protection Agency relating to air pollution or greenhouse gas emissions are heard by regional appellate courts or a Washington appeals court that hears many regulatory cases. The ruling of 7-2 held that the U.S. Court of Appeals District of Columbia Circuit and not the 5th U.S.

US regulators approve construction of Venture Global CP2 liquefied natural gas plant in Louisiana

A document published by the FERC on Friday showed that US regulators had given Venture Global permission for construction to begin at its CP2 Liquefied Natural Gas plant in Louisiana. If built, CP2 would be the largest LNG export facility to the U.S. It will also help the U.S. remain the largest exporter in the world of supercooled gas. Venture Global could become the largest U.S. company for LNG.

US Regulators Recommend That Venture Global's CP2 LNG Project Gets Greenlight

U.S. federal regulators recommended in a final environmental report that Venture Global's proposed CP2 liquefied natural gas export project in Louisiana get the go-ahead. Credit: Adobe Stock/AA+W

U.S. federal regulators recommended in a final environmental report that Venture Global's proposed CP2 liquefied natural gas export project in Louisiana get the go-ahead, according to a government document filed on Friday.If constructed, CP2 will be the single largest LNG export facility in the U.S. and help the country remain the world's largest exporter of the superchilled…

After hearing, US judge decides on bid starting price in Citgo parent sale

In the coming days, a U.S. Court is expected to confirm and reject a $3.7billion offer made by an affiliate of Contrarian Funds. The offer was intended to set a floor price for a second round of bidding for shares in Citgo Petroleum's parent company. Citgo, America's seventh-largest refiner, was the subject of a Thursday hearing at which creditors made their case. PDV Holding is auctioned off to cover the up to $21 Billion owed to Venezuela and PDVSA…

Maxeon Solar will establish alternative supply chains in the face of tariff turmoil

Maxeon Solar Technologies, a renewable energy company, announced on Friday that it would create alternative supply and manufacturing chains in response to the tariffs levied by U.S. president Donald Trump. After the bell, shares of the company rose 4.6%. The move comes in the midst of a global trade war that is intensifying after Trump on Thursday imposed a baseline 10% tariff on all U.S. imported goods, as well as higher duties on dozens other countries.

Texas LNG plans to announce its final investment decision in December

Brian Duval, CEO of Glenfarne Energy Transition, said that the company expects to reach a final decision about its Texas LNG project in December. Glenfarne Energy has developed a 4 million metric tons per year (MTPA) liquefied gas plant (LNG) in Brownsville, South Texas. He said that the company had already signed an Engineering, Procurement and Construction (EPC), contract with Kiewit for the construction of the plant.

Judge rejects bids to block Gramercy Fund lawsuits

A U.S. court ruled on Monday that three companies can continue their lawsuits to increase their chances of receiving proceeds from an auction of Citgo Petroleum's parent shares. In a motion to block parallel lawsuits, the court officer who oversees the auction at federal court in Delaware said that the decision could reduce any proceeds from a sale. Citgo parent PDV…

US Energy Department: Two LNG reviews must be waited for by regulator

The U.S. Department of Energy announced on Tuesday that it will not be able to finish its reviews of two proposed liquefied gas export terminals planned for Louisiana until an independent regulatory agency completes their environmental assessments of these projects. The Department of Energy said that it must wait until the Federal Energy Regulatory Commission (FERC)…

USDoE: LNG Reviews must await EIA's

(c) Mike Mareen / Adobestock

The U.S. Department of Energy announced on Tuesday that it will not be able to finish reviews of two projects for liquefied gas in Louisiana until a regulatory agency independent of the Department has completed its environmental assessments.The DOE stated that it must wait until the Federal Energy Regulatory Commission (FERC) has completed its work to review export applications to countries where the U.S. doesn't have free-trade agreements.

US Court Ready to restart Citgo Auction

(c) JHVEPhoto / Adobestock

A court advisor recommended Tuesday that the auction of shares in Citgo Petroleum's parent company to pay Venezuelan claims needs to be reworked. He acknowledged that a year-long process had been in disarray and needed a fresh start.The U.S. District Court in Delaware auctions shares in PDV Holding in order to pay $21.3 billion in claims made against Venezuela and the…

Elliott Affiliate's Citgo Bid to be Challenged

Companies seeking to claim proceeds from a court auction of shares in a parent of Venezuela-owned Citgo Petroleum are pressing a U.S. court to lift an exclusivity deal with an affiliate of Elliott Investment Management, which could pave the way for at least two new bids, sources close to the matter said.The auction of shares in the U.S. oil refiner's parent PDV Holding…

Citgo creditors attack Elliott bid in auction, seeking rival offers

Creditors of the company said that the key terms of an agreement proposed by a U.S. court with a hedge fund to control Venezuelan oil refiner Citgo Petroleum would lock in its low-ball offer. The reaction to Elliott Investment Management’s Amber Energy, a wholly owned company by Elliott Investment Management, has ended any hope of changing Citgo's ownership this year to satisfy Venezuela's debt defaults or expropriation.

US Supreme Court will not halt EPA power plant emission rule

The U.S. Supreme Court refused on Wednesday to suspend a new federal regulation targeting carbon pollution from coal and gas-fired plants, despite the requests of many states and industry groups. This is another major setback to President Joe Biden’s efforts to fight climate change. The Justices refused emergency requests from West Virginia, Indiana, and 25 other states…

Citgo auction at risk as Venezuelan bondholders file parallel claims

Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S.

Siemens Energy settles with US over gas turbine contract dispute

Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment, as well as servicing, to Dominion Energy Inc. in 2019.

Elliott group seeks to buy Citgo Petroleum from Exxon director

Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest. Goff, a former Exxon executive who joined the company in 2021…

Elliott group seeks to buy Citgo Petroleum from Exxon director

Gregory Goff, Exxon Mobil's board director, recently joined a newly-formed company backed by Elliott Investment Management that is seeking to take control of Venezuelan oil refiner Citgo Petroleum. Citgo and Exxon compete in the motor-fuels and lubricants business. Exxon, the third largest U.S. refiner of oil by capacity, and Citgo are the seventh largest. Goff, who was part of the dissident board of directors that joined Exxon 2021…

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