A hedge fund’s $8bn bet on Venezuela’s Citgo

对委内瑞拉雪铁龙公司的80亿美元押注

Behind the Money

2026-02-11

20 分钟
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When the hedge fund Elliott Management pursued the acquisition of the oil refinery business Citgo a few years ago, the deal was already a complicated one. A US court had ordered its current owner, Venezuela, to sell the business, and the country was not happy about it. But, things only got thornier after the US President Donald Trump removed the Caribbean nation’s leader Nicolás Maduro. The FT’s US investment correspondent Amelia Pollard and hedge fund correspondent Costas Mourselas explain how Elliott often thrives pursuing complex deals, and how they might navigate closing this one.     Clips from Citgo, CNN, Norges Bank Investment Management, The White House, VTV    The FT does not use generative AI to voice its podcasts. - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Donald Trump’s removal of Maduro clouds fate of Elliott’s Citgo deal How Venezuela lost Citgo Hedge funds hunt for Venezuela’s unpaid financial claims - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Costas Mourselas on X (@CostasMourselas) and Bluesky (@costasmourselas.bsky.social). Amelia Pollard is on X (@ameliajpollard) and Bluesky (@pollard.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • It's a Saturday afternoon in January and I'm standing here at the corner of Myrtle and Classin Avenue in Brooklyn at a sicko gas station.

  • It's very cold outside about 23 degrees Fahrenheit.

  • There's a lot of snow piled up around and it's pretty busy now.

  • There's one two three four I think five cars getting gas.

  • Sicko is the brand that's known for the sign with the bright red triangle.

  • I'm looking at one right now.

  • Next to ads for the New York lottery and Nathan's famous hot dogs.

  • There's about 4,000 of these Sicko gas stations across the U.S.

  • While these stations are run by independent owners,

  • the brand is part of an even larger business that includes three major refineries in Louisiana,

  • Texas, and Illinois.

  • Now, the reason I'm here is because Citgo is in the middle of being taken over by a hedge fund.

  • The fund hopes this $8 billion deal will be a massive windfall.

  • But there's a big hitch.

  • Citgo's owner is Venezuela.

  • And if you've been following the news recently,

  • it means that things are likely to be very complicated.

  • I'm Mikayla Tenderra from The Financial Times.

  • Today on Behind the Money,

  • how Elliott Management's $8 billion oil bet became entangled in US-Venezuela geopolitics.