An Elliott Investment Management affiliate won an auction for Citgo Petroleum Corp.’s parent company with a $7.28 billion bid, allowing it to acquire an oil refiner that was once Venezuela’s largest foreign asset.

A conditional offer for shares in Citgo Petroleum's parent by financial firm Elliott Investment Management was accepted by a U.S. court officer overseeing an auction that could decide the future control of the Venezuela-owned oil refiner,

Elliott Investment Management is close to being named the top bidder in an auction for control of Venezuela’s oil refiner Citgo Petroleum in a court-ordered sale designed to pay down the bankrupt country’s debts,