Summary
Billionaire investor Paul Singer, who supports President Donald Trump, might gain control of a New Jersey island if his hedge fund affiliate successfully purchases Citgo, a key Venezuelan oil asset. This deal, pending regulatory approval, is linked to Trump’s plan to revitalize Venezuela’s oil industry with U.S. investments.
Key Facts
- Paul Singer is a billionaire investor and donor to President Donald Trump.
- Elliott Investment Management, affiliated with Singer, aims to purchase Citgo, which includes Petty’s Island in New Jersey.
- Petty’s Island, used for oil storage, is planned to become a nature preserve after cleanup.
- U.S. forces recently captured Venezuelan President Nicolás Maduro, and Trump announced plans to improve Venezuela’s oil infrastructure.
- Citgo, a subsidiary of Venezuela’s state-owned PDVSA, has been involved in legal issues over debt repayment.
- Delaware Judge Leonard Stark approved the sale of Citgo’s parent company to Amber Energy for $5.9 billion.
- Venezuela has the world’s largest oil reserves, but U.S. sanctions and infrastructure issues have hindered exports.
- Singer's hedge fund could benefit from increased Venezuelan oil production if the deal goes through.
