02:00 PM EDT, 04/18/2024 (MT Newswires) -- ConocoPhillips ( COP ) could be in the race to bid for shares in PDV Holding which owns Houston-based oil refiner Citgo Petroleum, Reuters reported Thursday, citing people close to the matter.

A group of investors and creditors, represented by Centerview Partners is preparing to bid for the holding company. A US court previously ordered the auction of shares of PDV Holding as compensation for Venezuela's past expropriations and debt defaults.

ConocoPhillips ( COP ), which has the largest claim in a Delaware court case pursuing Venezuela's foreign assets, is yet to reportedly decide whether it will throw its weight behind the group represented by Centerview.

Despite being owned by Venezuela, Citgo is no longer tied to the country after it severed ties with its ultimate parent PDVSA and began operating under a US license.

The final bidding round for the shares of PDV Holding closes in June and could also hedge fund Elliott Investment Management vying for a stake, the report said. ConocoPhillips ( COP ) could also reportedly consider teaming up with Elliott Investment Management.

Centerview, Elliott and Conoco reportedly declined to comment to Reuters, while Citgo did not immediately respond.

Elliott, Conoco and Citgo did not immediately respond to requests for comment from MT Newswires. Centerview Partners could not be reached for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)