Charles St-Arnaud: Trump’s Venezuelan oil deal is further proof Canada needs to diversify — now
Investing in export infrastructure — pipelines, rail and ports — is an imperative, no longer just a nice-to-have
Alejandro Betancourt, a Venezuelan billionaire, has faced allegations of money laundering related to funds stolen from the state-owned oil company PDVSA. However, he has since cooperated with US authorities, leading to a significant change in his standing. Following his assistance in securing the US capture of former President Nicolas Maduro, Betancourt has become a crucial partner in a new oil deal with the Pentagon.
The Pentagon's Office of Strategic Capital has acquired a 35% stake in Betancourt's company, North American Blue Energy Partners (NABEP), which is a known crude producer in Venezuela. Additionally, the State Department has obtained the right to buy 20% of NABEP's oil at cost, while the remaining 80% will be accessible to NABEP. This marks a notable transformation for Betancourt, who was previously the target of US investigations.
Written by urgent.news from Gulf Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
