Trump Taps Controversial Entrepreneur for Venezuelan Oil Deal Amid Gazprombank Ties

Alejandro Betancourt López has become a key figure in the Trump administration's Venezuelan oil strategy, despite his ties to Gazprombank, the Russian state bank sanctioned by Washington for its financial support of the war in Ukraine.

Betancourt's partnership with Gazprombank dates back to 2011 when he founded Derwick Oil & Gas in Barbados, partnering with the Russian bank through a Dutch vehicle. The joint venture, Gazprombank Latin America Ventures, was involved in Petrozamora, a joint venture exploiting oil fields alongside PDVSA.

The Venezuelan state retained 60% ownership of this enterprise, while the entity linked to the Russian bank secured 40%, with rights over fields in Lake Maracaibo since 2012. Betancourt personally signed a letter authorizing the transfer of $12.9 million to Gazprombank Latin America Ventures in April 2013.

The Trump administration viewed Betancourt as a 'proven operator' capable of rapidly increasing oil production in Venezuela, which was part of their strategy to reduce Russian and Chinese influence in the region. Under his management, production increased from around 20,000 barrels per day to nearly 200,000.