Major Trump donor could soon own US island that is controlled by Venezuela

A branch of Venezuela's national oil company owns an island in New Jersey which might soon come under the control of a major Trump supporter. The Philadelphia Inquirer reported that Citgo Petroleum Corp has owned the 300-acre Petty's Island for decades. It is the refining arm of Venezuela's state-owned Petróleos de Venezuela (PDVSA), based in Houston, Texas. Things might change for the island since Venezuelan President Nicolas Maduro is in US custody on drug trafficking charges. Add to it a recent court ruling, and a businessman who has made huge donations to Trump can end up benefiting. Amber Energy, an affiliate of Elliott Investment Management, which Paul Singer founded, had bid to acquire PDVSA through a sale of shares to settle billions in debt. In November 2025, a federal judge in Delaware approved the $5.9 billion bid, The Philadelphia Inquirer reported. Singer is a major Republican supporter who has donated millions of dollars to their causes, and also gave away a ton of money to Trump's 2024 presidential campaign.

Venezuelan officials were not happy with the sale and appealed the court's decision, calling it "fraudulent". Meanwhile, an Amber Energy spokesperson told the Inquirer that the "transaction involving Citgo has not yet been completed". After the court's decision, Amber Energy CEO Gregory Goff said, "We look forward to working with the talented CITGO team to strengthen the business through capital investment and operational excellence." Now the appeal might be impacted by Maduro and his wife's arrest, although no official details have been shared.

Also Read: ‘Acting President of Venezuela’: Trump’s bizarre claim weeks after capturing Maduro

Trump's plans for Venezuela and its oil

Meanwhile, Trump has announced plans to change the South American nation's oil industry by having US oil companies enter Venezuela. "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," the US president said, a decision that has received criticism from several quarters. He has also signed an executive order declaring a national emergency to safeguard Venezuelan oil revenue held in US Treasury accounts.

The White House said in a statement that Trump's efforts help prevent "the seizure of Venezuelan oil revenue" as this could "undermine critical US efforts to ensure economic and political stability in Venezuela."