en.Wedoany.com Reported - Amber Energy CEO Greg Goff and Chairman Paul Foster pledged in a Wall Street Journal opinion column on April 24 that the company will invest $11 billion if the U.S. Treasury Department's Office of Foreign Assets Control transfers control of Venezuela-owned refiner Citgo Petroleum to Amber.

According to the investment plan outlined in the opinion column, approximately $1 billion will be used to add 125,000 barrels per day of crude processing capacity at the 165,000 b/d refinery in Corpus Christi, Texas. $500 million will be allocated to expand coking capacity at the 188,023 b/d refinery in Lemont, Illinois, to boost diesel and asphalt production in the U.S. Midwest. Another roughly $250 million will be used to expand high-octane gasoline production capacity at Citgo's 459,800 b/d refinery in Lake Charles, Louisiana.

A Delaware judge approved the sale plan for Citgo's parent company in November 2025. Amber's $5.9 billion acquisition of Citgo parent PDV Holding is still pending final approval. Amber is an affiliate of Elliott Investment Management. Greg Goff previously served as vice chairman of Marathon Petroleum and CEO of independent refiner Andeavor, while Paul Foster is the founder and former executive chairman of Western Refining.

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