Elliott Is Said to Be Leading the Bidding Battle for Citgo

Elliott Investment Management is the leading bidder in a US court-ordered auction of the parent company of Venezuelan-owned refiner Citgo Petroleum Corp., according to people with knowledge of the process.

Elliott was competing against bidders including independent refiner Vitol Group and Canadian miner Gold Reserve Inc., which was working on a joint bid with billionaire Carl Icahn’s CVR Energy, said the people, who asked not to be identified because they’re not authorized to speak publicly. Elliott has now been granted exclusivity to negotiate a deal, some of the people said.

The auction process has been long and winding, ...