A 300-acre island in the Delaware River, owned for over a century by a subsidiary of Venezuela's national oil company, is poised to be taken over by a firm with deep ties to a loyal supporter of former US President Donald Trump.
From Caracas to Conservative Backers: The Battle for Petty's Island
Petty's Island, which offers sweeping 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 Petróleos de Venezuela (PDVSA). However, a recent federal court decision has set the stage for a dramatic change in ownership, directly linked to the ongoing political and economic turmoil in Venezuela and its repercussions in the United States.
In late November 2023, a federal judge in Delaware approved a $5.9 billion bid from Amber Energy to acquire PDVSA through a share sale, a move designed to settle billions in debt owed by the Venezuelan state. Amber Energy is an affiliate of Elliott Investment Management, the hedge fund founded by billionaire Paul Singer.
Singer and his firm are renowned for donating tens of millions to conservative political causes. This includes substantial support for Donald Trump's 2024 presidential campaign. Following the court's decision, Amber Energy CEO Gregory Goff stated, "We look forward to working with the talented CITGO team to strengthen the business through capital investment and operational excellence. I am confident that together we will help enhance America's energy leadership position."
Geopolitical Turmoil Accelerates Asset Shift
The legal process has been fiercely contested. Venezuelan officials have denounced the sale as "fraudulent" and launched an appeal. However, the political landscape shifted dramatically in early January 2024 with the arrest of Venezuelan President Nicolas Maduro and his wife on narco-terrorism and drug trafficking charges by US forces.
This development has cast doubt on Venezuela's ability to effectively challenge the US court ruling. In the wake of Maduro's capture, Donald Trump has publicly outlined plans to overhaul Venezuela's oil industry, proposing that major US energy companies enter the country to rebuild its infrastructure.
Adding another layer, Trump recently 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."
A Historic Parcel with an Uncertain Future
Beyond the modern corporate and political struggle, Petty's Island holds rich historical significance. Originally inhabited by the Lenni Lenape Native American tribe, who knew it as Aequikenaska, the land was later farmed by Quakers from the 17th century.
It was once owned by Pennsylvania founder William Penn and counted Benjamin Franklin and the pirate Blackbeard (Edward Teach) among its notable visitors. The island takes its current name from Philadelphia merchant John Petty, who purchased it in 1732.
An Amber Energy spokesperson confirmed to The Philadelphia Inquirer that the transaction involving Citgo has not yet been formally completed and declined further comment. As legal and diplomatic manoeuvres continue, the fate of this strategic and historic parcel of land remains deeply entangled in high-stakes international energy politics and US partisan donor networks.
