The Asia Times reports that Paul Singer of Elliott Management will add to his megafortune in Venezuela now that Nicolas Maduro is gone. This past November, Singer's company bought Citgo, the U.S.-based Venezuelan oil company for $5.9 billion after Venezuela defaulted on its bond payments per a Delaware bankruptcy court. According to the story, the court's advisors estimated the value at $11-13 billion and Venezuela said it was worth $18 billion.
Judd Legum, who reported this transaction, wrote that Citgo's refineries were designed for the heavy Venezuela crude oil. Trump's oil embargo on Venezuela oil to the US had caused Citgo to buy more-expensive oil from Canada and Colombia.
Paul Singer, personally and through Elliott Investment Management, is a major donor to the Republican Party and Donald Trump. Elliott Investment Management donated two $3500 amounts to Juan Ciscomani as of June 27, 2025, per the Federal Elections Commission.
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Matt Somers
Midtown
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