The Venezuelan billionaire the US investigated for money laundering now has a Pentagon oil deal

Venezuelan billionaire Alejandro Betancourt, who once faced U.S. money-laundering investigations, now has a significant oil deal with the Pentagon. According to recent reports, Betancourt's company, North American Blue Energy Partners (NABEP), has secured a 35% stake in the oil agreement, which grants the U.S. access to about one-fifth of Venezuela's crude reserves for decades.

The State Department gains preferential access to the remaining 80% of output. Betancourt's role as a key intermediary in enforcing the U.S. naval blockade against sanctioned oil tankers is also highlighted, leading to the seizure of more than a dozen vessels. After the removal of the authoritarian leader Nicolas Maduro, Betancourt continued to play a crucial role in brokering oil deals and assisting communications between Washington and Caracas to help restart Venezuela's economy.