Fun fact: A little-known 300-acre island in the Delaware River with a grand vista of Philadelphia is currently controlled by Venezuela.
Petty’s Island has been owned by Citgo Petroleum Corp., an arm of Venezuela’s national oil company, for decades — but recent international events and a court ruling have paved the way for investor and conservative donor Paul Singer’s Elliott Investment Management to take it over, the Philadelphia Inquirer reported.
A federal judge in November approved Elliot affiliate Amber Energy’s $5.9 billion bid to buy Citgo’s Venezuelan parent company Petróleos de Venezuela, through a sale of shares to settle billions in debts.
Venezuelan officials denounced the sale as “fraudulent” and appealed the decision.
However, U.S. troops on Jan. 3 captured Venezuelan dictator Nicolás Maduro and brought him to NYC to face narco-conspiracy charges.
It’s unknown whether Venezuela will continue with an appeal, especially with President Trump saying the U.S. is running the oil-rich South American country, so it’s likely Singer and Amber will likely soon close on the deal to own Citgo — and presumably Petty’s Island, the newspaper said.
Singer and his firm have contributed tens of millions of dollars to conservative political campaigns or groups, including Trump’s 2024 presidential run.
Amber Energy spokesperson Braden Reddall told the Inquirer the “transaction involving Citgo has not yet been completed,” declining further comment.
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Petty’s Island, which is part of New Jersey, was originally inhabited by the Indigenous Lenni-Lenape people and was once owned by Pennsylvania founder William Penn.
Famed visitors include Blackbeard the pirate and Benjamin Franklin.
The island, named after 18th century Philadelphia trader John Petty, had been used for farming and shipbuilding until Citgo, then an American company, began purchasing land there in 1916. By the 1950s, it owned the entire island. Venezuela’s PDVSA acquired ownership of Citgo in the 1980s.
New Jersey wants to turn the island into an urban nature reserve with an environmental center, according to the Center for Aquatic Sciences in Camden, N.J.
Public access to the island is limited to scheduled programs.
