Singer acquired Citgo at a bargain price in large part due to the embargo, with limited exceptions, on Venezuela oil imports to the United States. Citgo’s refiners are purpose-built to process heavy-grade Venezuelan “sour” crude. As a result, Citgo was forced to source oil from more expensive sources in Canada and Colombia. (Oil produced in the United States is generally light-grade.) This made Citgo’s operations far less profitable.
Only Citgo
https://www.motherjones.com/politics/2026/01/trump-venezuela-oil-maduro-billionaire-paul-singer-citgo-elliot-management-hedge-fund/