Gold Reserve Suit Claims Rusoro Violated Citgo-Bid Agreement

Gold Reserve Ltd. sued rival Rusoro Mining Ltd. for allegedly violating an agreement to join a bid to acquire the controlling shares of Citgo Petroleum Corp. as a part of a US court auction of the Venezuela-owned oil refiner to satisfy debts owed by the government.

Vancouver-based Rusoro “breached its contractual obligations” to other members of a consortium vying to buy the shares of Citgo’s US parent company, PDV Holdings, according to a lawsuit filed under seal Friday in Delaware Chancery Court. Rusoro didn’t respond to a request for comment Monday.