Hedge fund billionaire and major Trump donor Paul Singer is indeed being credited for a “prescient” move after his firm, Elliott Investment Management, secured a winning $5.9 billion bid for CITGO Petroleum in late 2025.
The deal is considered a major strategic win for the following reasons:
Significant Discount: Singer’s bid of approximately $5.9 billion was approved by a Delaware judge despite independent valuations placing CITGO’s worth between $11 billion and $18 billion.
The acquisition, made through Elliott affiliate Amber Energy, was finalized just before the Trump administration’s early 2026 military operations in Venezuela, which led to the removal of Nicolás Maduro.
CITGO’s refineries are specially designed to process the heavy “sour” crude oil produced in Venezuela. With the potential for re-established U.S. oil trade under the new administration, analysts expect a massive boost in the refiner’s profitability and market value.
The deal grants Elliott control over three major U.S. refineries (in Illinois, Louisiana, and Texas), 43 terminals, and a network of thousands of gas stations.
While the sale is currently facing legal appeals from the Venezuelan government, which has labeled the process “fraudulent,” Singer’s early positioning is widely viewed by Wall Street as a masterstroke of distressed-asset investing.
Note by Alessandro Bazzoni