Petty’s Island: An Unexpected Connection to Venezuela
Here’s an intriguing tidbit: a relatively unknown 300-acre island nestled in the Delaware River, boasting stunning views of Philadelphia, is currently under the management of Venezuela.
Petty’s Island has been in the hands of Citgo Petroleum Corp., which is a subsidiary of Venezuela’s national oil company, for quite some time. However, recent international shifts and court decisions seem to pave the way for conservative donor Paul Singer’s Elliott Investment Management to potentially take control of the island, according to reports.
Last November, a federal judge approved a $5.9 billion bid for Citgo’s Venezuelan parent company, Petroleos de Venezuela. This sale aims to address billions of dollars in debt through a stock transaction.
In response, Venezuelan officials have labeled the sale as a “fraud” and have lodged an appeal against the ruling.
On January 3, things took another twist when the US military detained Venezuelan dictator Nicolas Maduro, transporting him to New York under drug conspiracy allegations.
Now, it’s a bit murky whether Venezuela will press on with the appeal, especially given President Trump’s claims about the US effectively managing the oil-rich nation. It looks like Singer and Amber may soon strike a deal that secures Citgo and, possibly, Petty’s Island.
Interestingly, Singer, through his company, has poured tens of millions into conservative political initiatives, including backing Trump’s campaign for 2024.
Amber Energy’s spokesperson, Braden Reddall, mentioned that “the transaction regarding Citgo has not yet been completed,” but he didn’t elaborate beyond that.
Petty’s Island has a rich history. Initially, it was inhabited by the Lenni-Lenape tribe and was once owned by Pennsylvania’s founder, William Penn. Notably, famous figures like the pirate Blackbeard and inventor Benjamin Franklin are among its past visitors.
The island, named after 18th-century trader John Petty, served agricultural and shipbuilding purposes until 1916, when Citgo began acquiring land there. By the 1950s, the company had full ownership, and ultimately, Venezuela’s PDVSA took over Citgo in the 1980s.
Currently, New Jersey has aspirations to transform the island into an urban nature preserve featuring an environmental center. However, public access remains limited to organized events.
