In a potentially surprising twist of fate, Petty’s Island in New Jersey, currently owned by a segment of Venezuela’s national oil firm, may soon find itself under the control of a fervent supporter of former President Donald Trump.

This 300-acre island, nestled in the Delaware River and offering stunning views of Philadelphia, has long been under the ownership of Citgo Petroleum Corp. Citgo operates out of Houston, Texas, and serves as the refining arm for Petróleos de Venezuela (PDVSA), Venezuela’s state-run oil entity.

Recent developments have placed this piece of land into the spotlight. With Venezuelan President Nicolas Maduro facing serious charges from U.S. authorities for narco-terrorism and drug trafficking, the situation has evolved in unexpected ways. A recent court decision has paved the way for the possible transfer of ownership to a prominent Trump campaign donor.

In a decisive move last November, a federal judge in Delaware sanctioned a $5.9 billion offer from Amber Energy. This bid aims to acquire PDVSA through a share sale, a strategy designed to resolve the company’s significant debt obligations, according to a report by The Philadelphia Inquirer.

In late November of last year, a federal judge in Delaware approved a $5.9 billion bid from Amber Energy to buy PDVSA through a sale of shares to settle billions in debt, The Philadelphia Inquirer reported. 

Amber Energy is an affiliate of Elliott Investment Management, which was founded by Paul Singer. 

Singer and his firm have donated tens of millions to conservative political causes, including Trump’s 2024 presidential campaign. 

Amber Energy CEO Gregory Goff said after the court ruling: ‘We look forward to working with the talented CITGO team to strengthen the business through capital investment and operational excellence.

Petty’s Island has been owned by Citgo Petroleum Corp for 110 years

Petty’s Island is named after Philadelphia merchant John Petty, who bought the island in the 18th century

Paul Singer is the founder of Elliott Investment Management and has donated tens of billions to conservative political causes

‘I am confident that together we will help enhance America’s energy leadership position.’ 

An Amber Energy spokesperson told the Inquirer that the ‘transaction involving Citgo has not yet been completed’ and declined to comment further.  

Venezuelan officials have slammed the sale as ‘fraudulent’ and appealed the court’s decision. 

But in light of the January 3 arrest of Maduro and his wife, Cilia Flores, it is unclear if Venezuela will follow through with challenging the ruling. 

Since the dramatic capture, Trump has laid out his plans to overhaul the South American nation’s oil industry. 

He declared that US oil companies will enter Venezuela to rebuild the sector. 

‘We’re going to have our very large US oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,’ Trump said last Saturday.

On Friday, he signed an executive order declaring a national emergency to safeguard Venezuelan oil revenue held in US Treasury accounts. 

Petty’s Island is located in the Delaware River across from Philadelphia 

Donald Trump has laid out his plans to overhaul Venezuela’s oil industry

‘President Trump is preventing the seizure of Venezuelan oil revenue that could undermine critical US efforts to ensure economic and political stability in Venezuela,’ a statement from the White House reads. 

Petty’s Island, part of Pennsauken township, was originally inhabited by the Lenni Lenape Native American tribe, according to The Encyclopedia of Greater Philadelphia. 

The land, which the Lenape called Aequikenaska, was later farmed by Quakers, starting around the 17th century. 

It was once owned by William Penn, the founder of Pennsylvania, and its notable visitors included Benjamin Franklin and the pirate Edward Teach, better known ad Blackbeard. 

Petty’s Island is named after John Petty, a Philadelphia merchant, who bought the land in 1732.    

The Daily Mail has reached out to Amber Energy and Elliott Investment Management for comment.