No. of Recommendations: 4
Judd Legum @juddlegum.bsky.social
1. The military raid on Venezuela and ouster of Maduro will create a financial windfall for a Trump-supporting billionaire, investor Paul Singer.
2. In November 2025, Singer acquired Citgo, the U.S.-based subsidiary of Venezuela’s state-run oil company, for $5.9 billion. The sale was forced by creditors of Venezuela after the country defaulted on its bond payments.
3. Citgo owns three major refineries on the Gulf Coast, 43 oil terminals and other assets. By all accounts, Singer acquired these assets at a major discount. Advisors to the court that oversaw the sale valued Citgo at $13 billion.
4. Singer acquired Citgo at a bargain price because of the embargo on Venezuelan oil imports to the United States. Citgo’s refiners are purpose-built to process heavy-grade Venezuelan “sour” crude. Citgo was forced to source oil from more expensive sources like Canada and Colombia.
5. Industry observers anticipate “a rapid rerouting of Venezuelan oil exports, re-establishing the U.S. as the major buyer of the country’s volumes.” Jaime Brito, an oil analyst, said access to Venezuelan oil imports “will be a game changer for U.S. Gulf Coast… refiners in terms of profitability.”
6. Paul Singer, thanks to a well-timed transaction, will be one of the largest beneficiaries. In 2024, Singer donated $5 million to Make America Great Again Inc., Trump’s Super PAC.
7. Singer donated tens of millions more in the 2024 cycle to support Trump’s allies, including $37 million to support the election of Republicans to Congress. He also donated an undisclosed amount to fund Trump’s second transition.
8. This June, when Trump sought funds to bankroll a primary challenger to Thomas Massie (R-KY), who raised Trump’s ire by supporting the release of the Epstein Files, Singer contributed $1 million, the largest contribution.
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