Alejandro Betancourt, a Venezuelan businessman, has become a central figure in the Trump administration's efforts to influence Venezuela, specifically in promoting "America First" oil deals for U.S. companies. Betancourt, who amassed a fortune through power turbines and oil, is now considered a key intermediary between the U.S. and Venezuela's acting president, Delcy Rodríguez. He has been tasked with helping to revive the country's oil industry and potentially the mining sector, and to advise on debt restructuring.
Despite facing ongoing investigations in Switzerland, Spain, and the United States for alleged money laundering and tax fraud, Betancourt's role has been embraced by some U.S. officials. Mauricio Claver-Carone, a former unofficial adviser on Venezuela for the Trump administration, described Betancourt as an "important ally" who is "invaluable to the U.S. government." Advocates for Betancourt highlight his successful track record in Venezuela's challenging oil sector.
Betancourt's company, North American Blue Energy Partners (NABEP), has significantly increased oil output from 18,000 to nearly 200,000 barrels in two years. He played a crucial role in arranging early contracts for oil, including an opaque deal licensing Vitol and Trafigura to buy Venezuelan crude oil at a $15 discount per barrel. His influence is such that any oil industry matters in Venezuela reportedly need to be coordinated through him.
Betancourt's rise has alarmed some Venezuelans who see him as a symbol of the country's corrupt past. He was previously involved in Derwick Associates, a company that, despite lacking prior experience, secured at least 11 no-bid contracts worth approximately $5 billion to build thermoelectric plants during the Chávez era. These contracts were allegedly overpriced by around $2.9 billion, and many of the plants never operated as promised, contributing to Venezuela's chronic energy shortages.
Betancourt is currently facing a reopened investigation in Spain for alleged money laundering and tax fraud, where he and his partners are accused of bribing officials from the Venezuelan state oil company with $42 million to defraud $4.85 billion through currency exchange operations. This money is believed to have been spread across companies, investments, and valuable real estate in Spain. Despite these legal challenges, his strategic position with the Trump administration seems to supersede these concerns.
