(CNN) -- Venezuela will give a 300-acre island in the Delaware River to the state of New Jersey, the governor's office announced.

The Venezuelan-owned Citgo Petroleum Corp. had bought Petty's Island -- between Camden, New Jersey, and Philadelphia, Pennsylvania -- to use as a fuel storage facility.

The island is home to a pair of American bald eagles as well as several great blue herons and state-endangered black-crowned night herons, New Jersey Gov. Jon S. Corzine said in a news release Wednesday.

Venezuelan leader Hugo Chavez announced the island's transfer as part of Wednesday's Earth Day celebrations. Plans are being finalized for the transition, which will not occur before 2020, Corzine's office said.

Citgo has agreed to create a $2 million fund to allow the Natural Lands Trust, a state land-preservation board, to manage the island, the release said. The company is setting up another $1 million fund to help establish a cultural and education center.