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 Reseve Ltd. (OTCQX:GDRZF) said Thursday that the U.S. court officer overseeing the auction for PDV Holdings, the parent of Venezuela-owned U.S. refiner Citgo Petroleum, recommended its $7.38B bid.

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.