A $7.38 billion bid by a unit of Toronto-listed miner Gold Reserve was named preliminary winner of an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, organized by a U.S. court to pay creditors for debt defaults and expropriations in the South American country.

Gold Reseve said the US court officer overseeing the auction for PDV Holdings, the parent of Venezuela-owned US refiner Citgo Petroleum, recommended its $7.38B bid.

A court-appointed special master recommended a bid backed by Gold Reserve and Koch over a rival hedge-fund offer.