The secret history of Trump's Venezuelan oil baron
President Trump's historic Venezuelan oil deal revolves around a colorful and controversial man from Caracas with a long history of supporting U.S. interests — including the operation to remove former strongman Nicolas Maduro. Why it matters: Alejandro Betancourt, 46, runs the oil company that's entering into an unprecedented partnership with the Pentagon. It gives America access to some of…
President Trump's historic Venezuelan oil deal features Alejandro Betancourt, a 46-year-old Venezuelan oil baron who has a history of backing U.S. interests. Betancourt's role is crucial in an unprecedented partnership with the Pentagon, granting America access to Venezuela's oil fields as the nation's reserves dwindle. Betancourt's life has been marked by significant deals, international intrigue, and a money-laundering probe.
He played a key role in feeling out Venezuelan Vice President Delcy Rodriguez on whether she would take over as the government's leader if Maduro was removed. Betancourt also liaised with the U.S. administration, ensuring the flow of oil and economic stability in post-Maduro Venezuela. The deal allows Venezuela to receive between 16% to 40% of production, with the U.S. putting no money into the deal but taking a 35% equity stake and receiving 20% of the after-tax oil at production cost.
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