Alejandro Betancourt, a Venezuelan billionaire previously investigated by U.S. and European authorities for money laundering, has emerged as a partner in a new oil agreement between the United States and Venezuela. The deal, announced last week, grants the U.S. government access to approximately one-fifth of Venezuela's crude reserves for several decades. Under the terms, the Pentagon’s Office of Strategic Capital has acquired a 35% stake in Betancourt’s company, North American Blue Energy Partners (NABEP).
The partnership follows Betancourt’s reported assistance to U.S. authorities prior to the January 3 capture of former Venezuelan President Nicolas Maduro, who now faces drug-trafficking charges in New York. According to four people familiar with U.S. policy, Betancourt provided information that helped enforce a U.S. naval blockade targeting sanctioned tankers. He also facilitated negotiations with officials including Delcy Rodriguez, who became Venezuela’s interim president following Maduro’s removal.
Federal prosecutors in Florida paused a money-laundering investigation into Betancourt earlier this year, which involved allegations of embezzling $1 billion from the state-owned oil firm PDVSA. While the Zurich Public Prosecutor’s Office withdrew a UK extradition request for Betancourt in May, it stated that its criminal proceedings are ongoing. A U.S. official defended the partnership, stating that most legal challenges against Betancourt are nearly a decade old and that he currently faces no legal problems within the United States.
The agreement involves the Pentagon’s Office of Strategic Capital and the U.S. State Department, which now holds the right to purchase 20% of NABEP’s oil at cost and has preferential access to the remaining 80%. This arrangement gives the U.S. access to a significant portion of Venezuela's oil reserves for decades. According to six people and vessel monitoring data, Betancourt helped broker a trading agreement that has facilitated the export of 135 million barrels of crude and fuel to the U.S. and other international markets since January, representing roughly half of all Venezuelan oil exports through August.
The U.S. government’s decision to take a 35% equity stake in a private company led by an individual previously identified as an unindicted co-conspirator in an alleged $1 billion laundering case has drawn concern from some former U.S. intelligence and legal officials. They expressed concern regarding Betancourt's influence on U.S. policy, given previous and ongoing investigations and his proximity to high-ranking officials from the former Chavez and Maduro governments.
Venezuelan crude continues to flow into U.S. refineries under the new arrangements. While interim President Rodriguez stated that all domestic legal proceedings against Betancourt’s companies were dismissed years ago, he remains under investigation in Switzerland. The U.S. Energy Department continues to finalize operational details, as seen during Secretary Chris Wright’s visit to Caracas on Wednesday, September 2, 2026.