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 $7.382bn bid is supported by a consortium comprising Rusoro Mining, Koch Minerals, Koch Nitrogen International, and Siemens Energy, and marks a substantial increase over the previous $3.7bn bid by Red Tree Investments.

Upon completion of the sale, Gold Reserve will own approximately 44% of Dalinar's common equity, equating to 85% of the voting shares, and will hold at least $150m of $1.5bn in preferred equity securities in Dalinar or its affiliates.

Dalinar's bid not only satisfies Gold Reserve's judgment but also the judgments of all senior and junior creditors, including Siemens Energy, through a mix of cash and non-cash considerations.

The financing for the bid comprises both equity and debt. A consortium of lenders led by J P Morgan and TD Bank has committed to the full amount of anticipated debt financing.

The Notice of Final Recommendation, filed by the Special Master of the US District Court for the District of Delaware, has confirmed the selection of Dalinar.

Gold Reserve executive vice-chairman Paul Rivett said: “Our bid satisfies creditors further down the waterfall than was ever contemplated by any prior bid since the inception of the Delaware sale process.”

The Delaware Court has scheduled a sale hearing for 18 August 2025, and the terms of the bid are outlined in a stock purchase agreement with the Special Master.

Rivett added: “We look forward to the Court’s decision in August and getting closer to finally closing this chapter in Gold Reserve’s long history.”

The acquisition is contingent upon various closing conditions and regulatory approvals, one of which is the consent from the US Department of Treasury's Office of Foreign Assets Control.

Earlier this week, a consortium led by energy and commodities company Vitol placed a bid exceeding $10bn for PDV Holding.