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 offering creditors a choice: immediate cash or equity in a new publicly traded American company. This dual approach balances certainty with long-term potential, resolves litigation, and ensures governance under SEC oversight. Millions of Americans, through retirement accounts and mutual funds, could share in CITGO’s future.
The proposal also positions CITGO to reinvest in refinery upgrades, safety, and new technologies—key to remaining competitive in a shifting energy landscape.
For Hernandez, a Cuban-born entrepreneur whose father was a political prisoner under Fidel Castro, the bid carries deep personal meaning. Having built companies in biotech, healthcare, and technology, and holding degrees from Yale and Oxford, Hernandez sees this not just as a business deal but as a mission: returning a vital U.S. asset to American hands.
Now also running for New York City mayor, Hernandez frames his campaign—and his CITGO plan—on accountability, discipline, and results. His bid stands out not only for financial strength but for aligning with America’s broader interests: jobs, energy security, and freedom from foreign control.
