Archive · 5 Sep 2026
Betancourt Moves From Money-Laundering Probe to Pentagon Oil Deal
Alejandro Betancourt is a Venezuelan businessman who has received a major oil partnership with the United States.
The Pentagon plans to own 35% of his company, North American Blue Energy Partners.
The State Department will be able to buy some of the company’s oil cheaply and get priority access to the rest.
Sources say Betancourt helped U.S. officials track sanctioned oil tankers before Nicolás Maduro was captured.
They also say he helped communication between Washington and Venezuelan officials.
Betancourt later helped arrange an oil-trading agreement that exported more than 135 million barrels.
However, authorities in the United States, Spain and Switzerland investigated him over alleged money laundering connected to Venezuela’s state oil company.
He has not been indicted.
Some people say his oil experience makes him useful, while others worry that he has too much influence over U.S. policy.
The Pentagon plans to 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 receive preferential access to the remaining 80%.
Sources say Betancourt helped enforce a U.S. blockade of sanctioned Venezuelan oil tankers and facilitated talks with Venezuelan officials.
U.S., Spanish and Swiss authorities investigated Betancourt over alleged money laundering involving PDVSA funds, but he has never been indicted.
Supporters call Betancourt an experienced oil intermediary, while critics question his influence because of his legal scrutiny and political connections.
- Who
- Alejandro Betancourt, the U.S. government, North American Blue Energy Partners, and Venezuelan officials including Delcy Rodríguez.
- What
- The United States is taking a stake in Betancourt’s Venezuelan oil company and receiving preferential access to its production after Betancourt assisted U.S. policy and negotiations.
- When
- The oil agreement was announced the previous week; the report was published September 5. Betancourt’s reported assistance occurred before and after the January 3 operation that removed Nicolás Maduro from power.
- Where
- The arrangement involves Venezuela and the United States; related investigations took place in the United States, Spain and Switzerland, with extradition proceedings involving the United Kingdom.
- Why
- U.S. officials said NABEP’s experience producing oil in Venezuela made Betancourt a useful partner for increasing output and supporting Venezuela’s economy.
Supporters of the Partnership
Critics and Legal Concerns
Betancourt’s usefulness
Supporters of the Partnership
U.S. officials and business figures describe Betancourt as an experienced intermediary who understands the oil industries of Venezuela and the United States.
Critics and Legal Concerns
Former U.S. intelligence officials, prosecutors and diplomats questioned his influence because of previous investigations and his ties to Venezuelan political and business figures.
Legal status
Supporters of the Partnership
Betancourt’s lawyer said authorities in multiple jurisdictions examined the allegations and brought no charges; a U.S. official said he currently has no legal problems in the United States.
Critics and Legal Concerns
U.S. and Spanish authorities investigated alleged money laundering involving more than $1 billion and $4 billion, respectively, while Swiss criminal proceedings remain ongoing according to Zurich prosecutors.
U.S. oil agreement
Supporters of the Partnership
Supporters say NABEP’s existing Venezuelan production can help increase output, expand oil exports and support Venezuela’s economic recovery.
Critics and Legal Concerns
Critics see the arrangement as giving Washington extensive long-term access to Venezuelan crude through a businessman whose past contracts, political connections and legal scrutiny remain controversial.
- Company
- North American Blue Energy Partners, 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%.
- Oil exports
- A January trading agreement produced more than 135 million barrels of crude and fuel exports to the United States, Europe, India and the Caribbean through the end of August.
- Blockade assistance
- Sources said Betancourt provided information that helped lead to the seizure or interdiction of more than a dozen sanctioned oil tankers.
- Investigations
- Betancourt was investigated in the United States, Spain and Switzerland but has never been indicted.
- Swiss proceedings
- Switzerland withdrew a United Kingdom extradition request in May, while Zurich prosecutors said the underlying criminal proceedings remain active.
