02:52 PM EDT, 06/17/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) and Morgan Stanley ( MS ) are among the investors who have secured financing for bids on Venezuela's PDV Holding which owns Houston-based oil refiner Citgo Petroleum, Reuters reported Monday, citing people close to the matter.

A US court previously ordered the auction of Venezuela's PDV Holding as compensation for up to $21.3 billion of the country's past expropriations and debt defaults.

JPMorgan ( JPM ) and Morgan Stanley ( MS ) have reportedly secured financing for several offers and are joined by Vitol, ConocoPhillips ( COP ) , and Koch Industries who are also bidding for the business.

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.

Results of the bidding process are expected by mid-July, the report said.

JPMorgan ( JPM ), Morgan Stanley ( MS ), Vitol and ConocoPhillips ( COP ) declined comment to Reuters.

JPMorgan ( JPM ), Morgan Stanley ( MS ), Vitol, ConocoPhillips ( COP ), PDV Holding, Citgo Petroleum, and Koch Industries did not immediately respond to requests for comment from MT Newswires.

(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.)

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