Who is Alejandro Betancourt, colourful oil baron behind US-Venezuela oil deal?

Alejandro Betancourt López, a Venezuelan oil baron, is currently playing a pivotal role in a controversial US-Venezuela oil deal. The agreement, valued at $2.6 billion, grants the US control of strategic Venezuelan oil fields and will be overseen by Blue Energy Partners, a company founded and led by Betancourt.

Born in Caracas in 1980, Betancourt is estimated to be worth around $2.6 billion. His success is often attributed to his entrepreneurial spirit, but Venezuelan journalists believe it began with connections made during his time at a private religious school in Caracas. He became close friends with the son of a future high-ranking government official, and this connection helped him secure several lucrative government contracts in the 2000s, despite lacking experience in the relevant sectors. These projects, awarded without bidding, were worth around $5 billion.

Despite criticism and allegations of overbilling, Betancourt's legal team denies the accusations as politically motivated. His business ventures extend beyond Venezuela to countries like Spain, Switzerland, and Africa. He currently oversees around 50 companies across 16 nations. Betancourt has faced legal troubles in several countries, including Spain, Switzerland, Andorra, and the US, but has never been charged.

His recent detention attempts in the UK have also been linked to an investigation into alleged money laundering. The US chose Betancourt as a partner due to his track record of producing oil, lack of current US investigations, and his support for the opposition.