A $7.38 billion bid by a unit of Toronto-listed miner Gold Reserve was named preliminary winner of an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, organized by a U.S. court to pay creditors for debt defaults and expropriations in the South American country.

Gold Reserve has announced that its US acquisition subsidiary, Dalinar Energy, has been named the final recommended bidder for the shares of PDV Holding, Citgo Petroleum’s indirect parent company. The company's $7.

A court-appointed special master recommended a bid backed by Gold Reserve and Koch over a rival hedge-fund offer.