Blue Water Venture Partners makes $10 billion bid for CITGO Petroleum Corporation assets.

Blue Water Venture Partners, an affiliate of Joseph Hernandez, has requested US District Court approval to consider its $10 billion bid for CITGO Petroleum Corporation assets. The bid exceeds previous offers from Amber Energy and Gold Reserve. The proposal is currently under evaluation by the Special Master.

Blue Water Venture Partners (NASDAQ: BLUWU), an affiliate of Joseph Hernandez, has requested US District Court approval to consider its $10 billion bid for CITGO Petroleum Corporation assets. The offer, filed on September 12, 2025, in the Delaware District Court, represents the highest bid received to date, surpassing competing offers from Amber Energy and Gold Reserve Blue Water Moves to Secure Court Approval for $10 Billion CITGO Acquisition Plan^[1].

The proposal includes several key features aimed at addressing the complex legal and financial circumstances surrounding CITGO. Judgment creditors will have the flexibility to choose between immediate cash payments at closing or equity in a NASDAQ-listed public company, subject to regulatory approval. Additionally, the bid includes a dedicated settlement fund for PDVSA-2020 bondholders, strategically aimed at resolving potential litigation obstacles Blue Water Moves to Secure Court Approval for $10 Billion CITGO Acquisition Plan^[1].

What sets this proposal apart is its approach to creditor recovery through a public market equity structure. This mechanism potentially offers superior liquidity compared to private transactions, which often involve longer lock-up periods and more restricted exit options. The court filing marks a critical step in a complex process involving Venezuelan assets under U.S. jurisdiction Blue Water Moves to Secure Court Approval for $10 Billion CITGO Acquisition Plan^[1].

As of the press release date, no objections have been filed against Blue Water's motion. The company is requesting that the Court authorize the Special Master to formally evaluate their proposal, which would enable official discussions to begin. Given the intricate web of creditor claims against Venezuela and PDVSA, this bid represents an attempt to create a comprehensive resolution framework rather than a simple asset purchase Blue Water Moves to Secure Court Approval for $10 Billion CITGO Acquisition Plan^[1].