A strategically located island in the United States, owned for over a century by a subsidiary of Venezuela's national oil company, is on the brink of being taken over by a prominent supporter of former President Donald Trump. This potential shift in control follows a controversial court ruling and occurs amidst dramatic geopolitical upheaval involving the Venezuelan government.
From Caracas to Conservative Hands: The $5.9bn Court Ruling
Petty's Island, a 300-acre parcel of land in the Delaware River with panoramic views of the Philadelphia skyline, has been owned by Citgo Petroleum Corp for 110 years. Citgo is the US refining arm of Venezuela's state-owned oil giant, PDVSA (Petróleos de Venezuela). However, its long-standing ownership is now under threat due to legal and political manoeuvres.
In late November 2023, a federal judge in Delaware approved a staggering $5.9 billion bid from Amber Energy to acquire PDVSA through a share sale. This move is designed to settle billions of dollars in debt owed by the Venezuelan state. The Philadelphia Inquirer, which first reported the story, revealed that Amber Energy is an affiliate of Elliott Investment Management, a firm founded by billionaire investor Paul Singer.
Singer and his firm are renowned for donating tens of millions to conservative political causes, including Trump's 2024 presidential campaign. Following the court's decision, Amber Energy's CEO, Gregory Goff, stated his confidence that the move would 'help enhance America's energy leadership position.'
Geopolitical Turmoil and Trump's Venezuela Ambitions
The court-ordered sale has been vehemently condemned by Venezuelan officials, who label it 'fraudulent' and have launched an appeal. However, the political landscape shifted dramatically on January 3, when Venezuela's President, Nicolas Maduro, and his wife were detained by US forces on charges of narco-terrorism and drug trafficking.
This arrest has cast significant doubt on Venezuela's ability to effectively challenge the US court ruling. Seizing the moment, Donald Trump has publicly laid out ambitious plans to overhaul Venezuela's crippled oil industry. He announced intentions for major US oil companies to enter the country to rebuild its infrastructure, stating they would 'start making money for the country.'
In a further significant step, Trump signed an executive order declaring a national emergency to safeguard Venezuelan oil revenue held in US Treasury accounts. The White House stated this was to prevent the seizure of funds that could 'undermine critical US efforts to ensure economic and political stability in Venezuela.'
The Historic Legacy of Petty's Island
Beyond its current political and economic significance, Petty's Island holds deep historical value. Originally inhabited by the Lenni Lenape Native American tribe, who knew it as Aequikenaska, the island was later farmed by Quakers from the 17th century.
Its notable historical owners and visitors include:
- William Penn, the founder of Pennsylvania.
- Benjamin Franklin.
- The infamous pirate Edward Teach, known as Blackbeard.
The island takes its current name from Philadelphia merchant John Petty, who purchased the land in 1732. An Amber Energy spokesperson confirmed to The Inquirer that the transaction involving Citgo is not yet complete and declined to comment further. The Daily Mail has also approached both Amber Energy and Elliott Investment Management for additional statement.
This developing story sits at the complex intersection of international law, energy politics, and historical legacy, marking a potential new chapter for a small island with unexpectedly large global ramifications.
