Venezuelan billionaire lands pentagon-backed oil deal amid past money-laundering probe

CARACAS/MIAMI: The billionaire who helped broker the Trump administration’s sweeping long-term oil deal with Venezuela was until recently a target of U.S. money-laundering investigations involving funds embezzled from the state-owned oil company PDVSA. Now, after assisting U.S. authorities ahead of the capture of authoritarian leader Nicolas Maduro, Alejandro Betancourt is Washington’s key partner in an unusual oil agreement with Caracas. According to last week’s announcement, the U.S. gains access to about one-fifth of Venezuela’s crude reserves for decades. The Pentagon’s Office of Strategic Capital takes a 35% stake in North American Blue Energy Partners (NABEP), Betancourt’s company and a known crude producer in Venezuela. The State Department gets the right to buy 20% of NABEP’s oil at cost, and preferential access to the remaining 80% of output. The deal marks a striking change of fortune for Betancourt, who four people familiar with U.S. policy in Venezuela said was key to U.S. strategy and planning in the lead-up to the January 3 operation that removed former President Maduro from power and flew him to New York to face charges of drug-trafficking, which Maduro denies. Asked about the investigations of Betancourt, a U.S. official who declined to be named said most of the legal challenges were nearly a decade old - and that he currently has no legal problems in the United States. NABEP’s record of pumping oil in Venezuela made Betancourt the best partner to help boost output under the arrangement, the official said. Reuters could not determine precisely when U.S. federal prosecutors paused their investigation into Betancourt or whether it came in exchange for his cooperation with the Trump administration. Sarah Chouraqui, NABEP’s lawyer, said Betancourt had a strong record of operating in complex energy markets. "The allegations in question have been examined extensively by authorities in multiple jurisdictions, and no charges have been brought against him,” she said in an email. Chouraqui did not address questions about his assistance to the Trump administration or his legal cases. U.S. Energy Secretary Chris Wright speaks with Venezuelan acting President Delcy Rodriguez at Miraflores Palace on the day of the signing of an agreement between U.S. oil major Chevron and government officials to expand the company's operations, in Caracas, Venezuela, September 2, 2026. (Reuters) Information that helped enforce US blockade In the months before Maduro’s capture, the billionaire provided information that helped enforce a U.S. naval blockade targeting sanctioned oil tankers operating in Venezuela, which led to the seizure or interdiction of more than a dozen vessels, according to the four people who spoke on condition of anonymity. He also facilitated negotiations with officials including Delcy Rodriguez, who became interim president after Maduro’s capture. The Venezuelan government did not respond to requests for comment. After Maduro’s removal, Betancourt’s role as a key intermediary continued, helping broker oil deals and other partnerships and continuing to assist communications between Washington and Caracas to kickstart Venezuela’s economy, according to seven sources. In January, Betancourt helped broker a key oil trading agreement that has led to the export of more than 135 million barrels of crude and fuel to the United States, Europe, India and the Caribbean so far, according to vessel monitoring data and six people with knowledge of the negotiations. That’s about half of all oil exports through the end of August. Reuters could not determine his exact role in the discussions. Betancourt has also popped in on meetings at Venezuela’s Miraflores presidential palace, according to two people familiar with the matter. He was also at Miraflores during this week’s visit by U.S. Energy Secretary Chris Wright, Wright told reporters, though Betancourt did not appear with Wright and Rodriguez at a signing ceremony for oil deals. Betancourt has been investigated in the United States, Spain and Switzerland but never indicted. Earlier this year U.S. federal prosecutors in Florida paused their investigation into Betancourt in connection with an alleged plan that involved embezzling over $1 billion from Venezuela’s state-owned oil company and laundering it through real estate in Miami and bank accounts in Malta and Switzerland. People look at the oil tanker Marinera, previously known as Bella 1, which was seized by the U.S. Coast Guard last week, as it is moored in the Moray Firth, off the coast of Scotland, Britain, January 14, 2026. The U.S. military and Coast Guard have seized five vessels in recent weeks in international waters that were either carrying Venezuelan oil or have done so in the past. (Reuters) Two of those people said U.S. prosecutors had been subsequently discouraged by supervisors from investigating Betancourt further. Prosecutors on the case were not given a rationale, four people familia