WASHINGTON/HOUSTON, Aug 12 (Reuters) - The U.S. Treasury

Department has extended through Nov. 12 a general license that

protects Venezuela-owned Citgo Petroleum from creditors,

according to a notice posted in the department's webpage on

Monday, as a court-organized auction of shares in the parent of

the Houston-based refiner enters the last mile.

Since Citgo severed ties with its ultimate parent in

2019, in the aftermath of Venezuela's President Nicolas Maduro

first re-election, Washington has protected the refining company

from creditors and bondholders.

The previous license was to expire on Tuesday.

But in a case first introduced by miner Crystallex

against Venezuela in Delaware, Citgo has been found liable for

the South American country's debts, allowing 18 creditors to

pursue up to $21.3 billion from the auction.

The auction's sales process is expected to conclude in

late October if the court successfully selects a finalist this

month. The Treasury's Office of Foreign Assets Control must give

green light to the winner.

Transactions related to bonds issued by Petróleos de

Venezuela that matured in 2020, which were

collateralized with Citgo's equity, can only be made after the

deadline set by the Treasury, if not postponed again, according

to the license.