HOUSTON, June 4 (Reuters) - Members of Venezuela's

political opposition and the boards that supervise state-owned

refiner Citgo Petroleum have met U.S. officials and lawmakers in

recent days in a new effort to pause a court-ordered auction of

shares to pay creditors, people close to the talks said.

A second bidding round for shares in Citgo's parent company

PDV Holding is expected to close on Tuesday, the final step in a

years-long process expected to result in a change of ownership

of the seventh-largest U.S. refiner.

WHY IT'S IMPORTANT

A total of 18 creditors including ConocoPhillips ( COP ),

Koch Industries and miners Crystallex, Rusoro and Gold

Reserve ( GDRZF ), aim to cash up to $21.3 billion in claims.

But the highest offer in the first bidding round did not

reach $8 billion, prompting Citgo's supervisory boards to

protest and present an alternative payment option.

If successful, the talks could result in a change of U.S.

policy guidance issued by the Biden administration, which last

year gave a green light to the U.S. District Court in Delaware

to move forward with the auction.

Citgo and its supervisory boards did not immediately respond

to requests for comment.

WHAT'S NEXT

The Venezuela representatives want a pause in the court

process at least until results are known from the Venezuelan

presidential election in July.

BY THE NUMBERS

Citgo has plants in Louisiana, Illinois and Texas that can

jointly process 807,000 barrels per day of oil. In the last two

years, the company has generated $4.8 billion in combined net

earnings.