Investing.com -- A consortium led by commodities trader Vitol has submitted a bid exceeding $10 billion for shares in the parent company of Citgo Petroleum, the Venezuela-owned refiner, according a Reuters report on Wednesday.

The bid was submitted as part of a court-organized auction of the shares. A court officer overseeing the auction is expected to recommend a winner on Wednesday, unless additional time is requested to evaluate last-minute bids.

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