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Venezuelan Billionaire Under Investigation Wins Pentagon Oil Deal
Alejandro Betancourt is a Venezuelan businessman who now has a major oil partnership with the United States.
The Pentagon plans to own 35% of his oil company, North American Blue Energy Partners.
The State Department will also receive special rights to buy and obtain the company’s oil.
Betancourt reportedly helped U.S. officials before and after former Venezuelan President Nicolas Maduro was removed from power.
He provided information about oil ships and helped officials communicate, according to people familiar with the events.
However, authorities in several countries have investigated him over alleged money laundering involving Venezuela’s state oil company.
He has not been charged in those cases.
Some officials say his oil experience makes him useful, while others worry that he has too much influence over U.S. policy.
The Pentagon will take a 35% stake in Betancourt’s North American Blue Energy Partners.
The State Department can buy 20% of the company’s oil at cost and access the remaining output preferentially.
Betancourt helped U.S. authorities enforce an oil-tanker blockade and communicate with Venezuelan officials, sources said.
U.S., Spanish and Swiss authorities have investigated Betancourt over alleged money laundering linked to PDVSA funds, but he has never been indicted.
Supporters describe Betancourt as an experienced oil intermediary, while critics question his influence given his past business and legal scrutiny.
- Who
- Alejandro Betancourt, the U.S. government, North American Blue Energy Partners, and Venezuelan officials including interim president Delcy Rodriguez.
- What
- The United States is taking a major stake and preferential oil rights in Betancourt’s Venezuelan energy company after he assisted U.S. policy and negotiations.
- Where
- Venezuela, the United States, and related investigations in Spain, Switzerland, and the United Kingdom.
- When
- The oil agreement was announced last week; the report was published September 5. Betancourt’s reported assistance occurred before and after Maduro’s January 3 removal.
- Why
- U.S. officials say Betancourt’s experience producing oil in Venezuela makes him a useful partner for increasing output and restarting the country’s economy.
U.S. Partnership Supporters
Critics and Legal Concerns
Betancourt’s role
U.S. Partnership Supporters
U.S. officials and business figures describe Betancourt as a useful intermediary with experience operating in complex Venezuelan and U.S. energy markets.
Critics and Legal Concerns
Former U.S. intelligence officials, prosecutors, and diplomats expressed concern that a previously investigated businessman has significant influence over U.S. policy.
Legal status
U.S. Partnership Supporters
Betancourt’s lawyer said allegations were examined by authorities in multiple jurisdictions and that no charges were brought; a U.S. official said he currently has no legal problems in the United States.
Critics and Legal Concerns
U.S. and Spanish investigations have involved alleged money laundering and embezzlement linked to PDVSA, while Swiss criminal proceedings remain active, according to authorities and sources.
Oil agreement
U.S. Partnership Supporters
The arrangement is intended to use NABEP’s existing Venezuelan production to increase output and support economic activity, according to U.S. officials and sources.
Critics and Legal Concerns
The deal gives Washington extensive long-term access to Venezuelan crude through a company led by someone whose past business practices and political connections have drawn scrutiny.
Key facts
- Company
- North American Blue Energy Partners (NABEP), co-founded by Betancourt in April 2024.
- Pentagon stake
- The Pentagon’s Office of Strategic Capital is set to take a 35% stake in NABEP.
- U.S. oil rights
- The State Department can buy 20% of NABEP’s oil at cost and receives preferential access to the remaining 80%.
- Reported exports
- A January oil-trading agreement has produced more than 135 million barrels of crude and fuel exports so far, according to vessel data and sources.
- Investigations
- Betancourt has been investigated in the United States, Spain, and Switzerland but has never been indicted.
- PDVSA allegations
- U.S. prosecutors investigated an alleged scheme involving more than $1 billion allegedly embezzled from Venezuela’s state oil company and laundered through foreign accounts and Miami real estate.
- Swiss proceedings
- Switzerland withdrew a UK extradition request in May, while Zurich prosecutors said the underlying criminal proceedings remain ongoing.
Quotes
Zurich Public Prosecutor’s Office
Swiss prosecutorial authority handling the case
“The extradition request was withdrawn because of particular aspects of UK extradition law, which we cannot discuss in detail. This step concerns only the extradition proceedings in the UK. The criminal proceedings against the accused are otherwise unaffected and will continue.”
theprint.in
“You would not do that if the case is continuing.”
theprint.in
Sarah Chouraqui
Lawyer for North American Blue Energy Partners and Betancourt
“The allegations in question have been examined extensively by authorities in multiple jurisdictions, and no charges have been brought against him.”
theprint.in
Sources
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