Betancourt's Oil Empire: From Money Laundering Suspect to Washington Partner

Venezuelan billionaire Alejandro Betancourt has emerged as a key player in Washington's efforts to manage Venezuela's oil business. This shift occurred amid a long-term oil deal between the US and Caracas, granting Washington access to a portion of Venezuela's oil production for decades.

The Pentagon's Office of Strategic Capital acquired a 35% stake in North American Blue Energy Partners (NABEP), an oil production company owned by Betancourt. The US State Department also obtained the right to purchase 20% of NABEP's oil production at cost, as well as preferential access to the remaining 80%.

Betancourt's role in the Washington-Caracas relationship strengthened leading up to a January 3 operation that resulted in the removal of former Venezuelan President Nicolas Maduro. He reportedly provided information that aided the enforcement of a US naval blockade, which led to the seizure of over a dozen oil tankers.

Following Maduro's removal, Betancourt brokered oil deals that resulted in the export of over 135 million barrels of Venezuelan oil to the US, Europe, India, and the Caribbean. This amount accounts for approximately half of Venezuela's total oil exports until the end of August.