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By Marianna Parraga

HOUSTON, July 10 (Reuters) - Executives of Toronto-listed Gold Reserve GRZ.V said on Thursday the mining company is pleased with the performance of Citgo Petroleum's management, a sign that top executives at the Venezuela-owned U.S. refiner might remain if a bid by a Gold Reserve unit for its parent is approved by a U.S. federal judge.

A $7.4 billion bid by Gold Reserve's Dalinar Energy Corporation was recommended last week by a court officer overseeing a court-organized auction of shares.

Delaware Judge Leonard Stark is expected to soon decide whether to approve it, while opposition from other bidders and creditors has emerged.

If confirmed, the offer is expected to lead to a change of ownership of the seventh largest U.S. refiner after an eight-year court case introduced by companies seeking to recover up to $19 billion to cover losses from Venezuela's debt defaults and expropriations.

"We're very comfortable with management," said Paul Rivett, executive vice-chair of Gold Reserve's board, in a conference call to provide details of its bid.

"If we are able to get the court approval, and get through regulatory approval, we'd love to be able to sit down with management at this point in time... They've done an extremely good job under the circumstances," he added.

The management and board of directors of Houston-based Citgo have for decades combined Venezuelan and U.S. executives.

A Venezuelan congress controlled by the political opposition in 2019 let the refiner cut ties with ultimate parent PDVSA, which is controlled by the government of socialist Nicolas Maduro. That congress appointed Citgo's top executive, Carlos Jorda, and several boards that remain supervising the refiner.

Gold Reserve said, however, that the board of U.S.-based Dalinar, a subsidiary created by the miner to participate in the bidding round and eventually take over Citgo, will be made up "exclusively of American citizens," while Gold Reserve will hold 44% of Dalinar's equity and at least 85% of voting shares.

The Gold Reserve group's bid includes a $4.5 billion bridge loan to finance a portion of the purchase price and a $2 billion revolving credit to be used after closing, the miner said.

Large creditors in the case, including oil producer ConocoPhillips COP.N and miner Crystallex, have shown doubts about the strength of Dalinar's financing as part of objections filed earlier this week in Delaware.

Some critics of the bid, which does not include an agreement to pay holders of a key Venezuelan bond collateralized with Citgo equity, have noted Dalinar's proposed financial structure could be vulnerable to court challenges by the holders.

The Gold Reserve group's bid also must be approved by the U.S. Treasury Department, which has kept Citgo shielded from creditors in recent years. Gold Reserve has until July 17 to request guidance from the department.

(Reporting by Marianna ParragaEditing by Marguerita Choy)

((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters Messaging: @mariannaparraga))