Bringing CITGO Home: Joseph Hernandez’s American Mission

CITGO Petroleum, one of the nation’s most critical energy companies, has long been entangled with Venezuela’s state-owned PDVSA, leaving it vulnerable to corruption, lawsuits, and foreign influence. The current court-supervised sale presents a rare opportunity to free CITGO from that legacy and secure its future under stable American ownership. Two major bids have shaped the process: Elliott Management’s $6 billion offer through Amber Energy, and Gold Reserve’s $7.5 billion proposal via Dalinar Energy. But both raise concerns—either concentrating control in a hedge fund or relying on foreign, uncertain financing. Enter Joseph Hernandez and his Blue Water Venture Partners, backed by Blue Water Acquisition Corp III, a U.S.-listed SPAC. Their $10 billion bid delivers the highest value while o