President Donald Trump's agreement granting the United States access to Venezuela's oil reserves could allow private investors to remain anonymous through a Barbados-based company, according to an 18-page contract obtained by ProPublica.
The agreement gives the U.S. government a 35% stake in North American Blue Energy Partners (NABEP), an oil producer controlled by Venezuelan businessman Alejandro Betancourt. However, the shares will be acquired through a Barbados-registered parent company whose ownership and investors are not fully disclosed in the document.
ProPublica reported that the agreement also protects Betancourt's position as chief executive and establishes a seven-member board with an initial 15-year term. People familiar with the negotiations said the provisions were intended to make the venture difficult for future U.S. or Venezuelan governments to dismantle.
Orlando Alvarado, a longtime associate of Betancourt, signed the agreement on behalf of the parent company alongside Betancourt, Secretary of State Marco Rubio and Defense Secretary Pete Hegseth.
The contract grants Washington the right to purchase 20% of NABEP's production at $30 per barrel, excluding potentially significant costs associated with preparing and transporting Venezuela's heavy crude. It also does not explicitly guarantee the estimated $200 billion in royalties and taxes that the White House has said Venezuela would receive.
Betancourt's involvement has drawn scrutiny because of previous money-laundering investigations.
Reuters reported back in September that U.S. prosecutors had paused an investigation involving Betancourt and an alleged scheme to divert more than $1 billion from Venezuela's state oil company. The news agency could not determine whether the decision was connected to Betancourt's cooperation with U.S. authorities before the January operation that removed Nicolás Maduro from power.
His legal scrutiny has extended beyond the United States. Spain's El País later reported that a money-laundering and tax-evasion investigation remained stalled while a judge awaited assistance from Washington. Betancourt has not been criminally charged in any of the three countries.
In September, Democratic Representatives Robert Garcia, Gregory Meeks and Jared Huffman requested information from the State and Justice departments about Betancourt's role and reported U.S. intervention in international investigations involving him.
NABEP has denied wrongdoing by Betancourt and defended its operating record. The White House has said the agreement would support investment in Venezuela's oil industry and deliver economic benefits to both countries.
© {{Year}} Latin Times. All rights reserved. Do not reproduce without permission.