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Court Approves $5.9B Citgo Sale Amid Venezuelan Outcry

1/11/2026

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Summary

Story summary

A court ruling approved a $5.9 billion bid from Elliott Investment Management to acquire Citgo Petroleum Corp.'s parent company.
Venezuelan officials have denounced the sale as “fraudulent” and are appealing the decision.
Petty’s Island, a 300-acre island in the Delaware River, is currently owned by Citgo Petroleum Corp., a subsidiary of Venezuela's national oil company.
New Jersey plans to transform the historically significant island into an urban nature reserve to improve public access and environmental education.
The island was originally inhabited by the Lenni-Lenape people.

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Story summary

A court ruling approved a $5.9 billion bid from Elliott Investment Management to acquire Citgo Petroleum Corp.'s parent company.
Venezuelan officials have denounced the sale as “fraudulent” and are appealing the decision.
Petty’s Island, a 300-acre island in the Delaware River, is currently owned by Citgo Petroleum Corp., a subsidiary of Venezuela's national oil company.
New Jersey plans to transform the historically significant island into an urban nature reserve to improve public access and environmental education.
The island was originally inhabited by the Lenni-Lenape people.