The Venezuelan billionaire the US investigated for money laundering now has a Pentagon oil deal
CARACAS/MIAMI: The billionaire who helped broker the Trump administration’s sweeping long-term oil deal with Venezuela was until recently a target of US money-laundering investigations involving funds embezzled from the state-owned oil company PDVSA.
Alejandro Betancourt, a Venezuelan billionaire who brokered a crucial US oil deal, was once under investigation for alleged money laundering. According to US officials, Betancourt's cooperation led to the seizure of more than a dozen sanctioned oil tankers, contributing to the enforcement of a naval blockade against Venezuela. Now, Betancourt is Washington's key partner in a significant oil agreement with Caracas.
The Pentagon's Office of Strategic Capital owns 35% of North American Blue Energy Partners (NABEP), Betancourt's company, which has been granted preferential access to Venezuela's oil output. The US State Department has the right to purchase 20% of NABEP's oil at cost. Betancourt's assistance in US efforts to remove the former Venezuelan president, Nicolas Maduro, also played a role in his newfound role.
Betancourt's involvement in the deal and his alleged past money laundering activities have raised questions about his legal status, but US officials maintain he has no current legal problems.
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