US Partners with Venezuelan Businessman on Oil Deal Amid Legitimacy Concerns
The Trump administration is planning to expand its operations in Venezuela through a partnership with North American Blue Energy Partners (NABEP), a private entity that has faced scrutiny for alleged money laundering. According to a US official, NABEP's owner, Venezuelan businessman Alejandro Betancourt, was vetted and found not to have violated any US laws. The deal would give the Pentagon a 35% ownership stake in the new company, with the State Department having the right to buy 20% of the oil produced at cost.
Chevron is also expected to expand its operations in Venezuela, with officials and Energy Secretary Chris Wright set to visit the country on Wednesday. The White House has confirmed that NABEP is partnering with the US government as part of President Trump's push to tap into Venezuela's oil industry.
Analysts have questioned the legitimacy of the deal, citing concerns over whether Venezuelan acting President Delcy Rodríguez has the legal authority to give 100-year rights over 17 oil fields with reserves of 65 billion barrels. They also worry that future administrations could overturn the agreement.