Billionaire investigated for money laundering brokers US oil deal with Venezuela

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Billionaire Alejandro Betancourt, previously a target of U.S. money-laundering investigations regarding PDVSA funds, has become a central partner for the U.S. in a new oil agreement with Venezuela. The deal grants the U.S. access to approximately 20% of Venezuela’s crude reserves, with the Pentagon’s Office of Strategic Capital securing a 35% stake in Betancourt’s firm, North American Blue Energy Partners (NABEP). This arrangement follows Betancourt’s role in assisting the U.S. with intelligence prior to the January 3 operation that removed former President Nicolas Maduro from power. Betancourt also facilitated oil trading agreements resulting in the export of over 135 million barrels of crude and fuel to global markets since January.

Consequences

The agreement positions the U.S. to significantly influence Venezuelan oil production and distribution through its stake in NABEP. Continued cooperation between the U.S. and Betancourt is expected to remain a key component in efforts to restart the Venezuelan economy following the transition in leadership.

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