Who is Alejandro Betancourt, ex-Chavez ally now Trump’s Venezuela oil man?

EXPLAINERThe controversial tycoon will lead the joint oil venture as the Trump administration seeks to reshape energy markets.Abandoned pumpjacks damaged over time at a field of state oil company PDVSA in Cabimas, Venezuela [File: Leonardo Fernandez Viloria/Reuters]Published On 1 Sep 2026Controversial Venezuelan businessman Alejandro Betancourt, who amassed massive fortunes under former socialist President Hugo Chavez and who has faced investigations into alleged money laundering, has been tapped by the Trump administration to lead a new US-backed oil venture in the Latin American nation.On Friday, President Donald Trump announced that the US has reached a deal with Venezuela’s interim President Delcy Rodriguez under which Washington will acquire majority control over more than 65 billion barrels’ worth of proven oil reserves.Recommended Stories list of 3 itemslist 1 of 3Venezuela says it retains ‘sovereignty’ following US oil deallist 2 of 3Delcy Rodriguez says Venezuela ‘retains sovereignty’ despite US oil deallist 3 of 3Trump says US will refill its petroleum reserves using Venezuelan oilend of listAs part of the deal, the US government plans to take a 35 percent passive stake in Betancourt’s North American Blue Energy Partners (NABEP) – Venezuela’s second-largest oil firm.In a statement, Betancourt said Venezuela is “blessed with an abundance of natural resources, hardworking people and untapped potential”, adding that the deal will “unleash that potential to the great benefit of both Venezuelans and Americans”.So who is Betancourt, 46, and why is Trump relying on him to tap into Venezuela’s oil sector?Here’s what we know:Who is Alejandro Betancourt Lopez?Betancourt made fortunes after his firm, Derwick Associates, won contracts to build power plants under the government of President Chavez following an acute power crisis triggered by drought in the late 2000s.Critics say the firm won those contracts often without bidding, earning billions of dollars. Betancourt and other firms, which received lucrative contracts during the Chavez era, are often called “bolichicos,” meaning the “Bolivarian boys”.His net worth is believed to be $2.6bn, according to media reports.But in 2017, anticorruption watchdog Transparencia Venezuela accused the company of inflating prices during the drought period.In 2021, another report by the Organized Crime and Corruption Reporting Project (OCCRP) said Betancourt was involved in corruption and money laundering networks linked to the Venezuelan state.Over the past decade, he has faced money laundering investigations in the US, Spain and Switzerland. In 2025, the Venezuelan tycoon was arrested twice in the UK following extradition requests from Switzerland and Spain over alleged money laundering cases.Betancourt, who has the experience of running oil fields in Venezuela, became a person of interest for the Trump administration, which has been looking to exploit the country’s vast oil resources.This year, the US administration intervened in the Swiss investigations into Betancourt and urged ked the UK government to lift travel curbs on him, according to US media reports.The Venezuelan businessman has denied the accusations and has faced no formal criminal charges or convictions.Betancourt also leads the O’Hara administration, an international Spain-based investment group, where he serves as the president and one of the main shareholders of Hawkers, an e-commerce company that sells sunglasses.Born into a wealthy family in the Venezuelan capital, Caracas, Betancourt initially worked in the energy sector after completing a Master’s in Business Administration course from Oxford University in the United Kingdom.In April 2024, he cofounded NABEP, and a year later, took full control of the company, which has its headquarters in Bridgetown, Barbados.Why does Trump want to partner with Betancourt?Trump’s control of Venezuelan oil comes amid upheaval in the global energy market due to the war on Iran, which has affected US energy security. Its reserves are at a record low. Earlier this week, Trump said that he will use the Venezuelan oil to fill the US oil reserves.The joint venture with the NABEP, which produces about 200,000 barrels of crude oil per day, will help expand production, as Iran’s blockade of the Strait of Hormuz has spiked global oil prices, including in the US. The high energy prices will likely cost Trump politically in the November Midterm elections.On Monday, the White House released a fact sheet, which says that the US is creating a private joint venture with North American Blue Energy Partners – which the Trump administration aims to use to gain a larger stake in Venezuela’s oil reserves.Back in January, US Secretary of State Marco Rubio had accused the socialist government led by President Nicolas Maduro of creating a hub for China and Russia.“This is our Hemisphere – and President Trump will not allow our security to be threatened,” Rubio said after the military operation in Caracas.Venezuela holds approximately 17 percent of the world’s total oil reserves, but due to the US sanctions and mismanagement, it remains underdeveloped. The country currently produces about one million barrels of oil a day, which is just about 1 percent of global production.Venezuela’s interim leader has welcomed the oil deal, which is expected to add the much-needed funds to the state’s treasury.The association with the US will make it easy for NABEP to operate the Venezuelan economy, which still remains under US sanctions.In a statement to the Reuters news agency, NABEP said, “Mr Betancourt has been in the Venezuelan oil industry for more than 15 years with a consistent track record of success, most recently at the helm of NABEP, where he rapidly scaled the company’s production.”The company added that it has a near-term goal of increasing production to more than 1 million barrels of oil per day.How will The US government investment in Betancourt’s venture take place?According to the White House, in the latest deal with Venezuela, the Venezuelan interim authorities have granted NABEP “100-year concessions for 17 oil fields with proven reserves of approximately 65 billion barrels.” Many of those fields were previously owned by Russian or Chinese firms, the White House noted.“NABEP has also developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and lead to tens of billions in broader economic activity,” the White House added.Meanwhile, the deal will give the Pentagon’s Office of Strategic Capital a 35 percent ownership stake in the company, the White House disclosed. The US will also be guaranteed a right to buy 20 percent of the output at cost, orchestrated through the State Department.The agreement, which the White House said secures “our energy dominance for the next century”, was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.On Friday, Trump had said that the deal “MORE THAN DOUBLES American oil Reserves”.But on Monday, he acknowledged that US consumers would not immediately see a change in petrol prices. Asked about a timeline at the White House, Trump said “it could be a little bit” for prices to fall, and he played down analyst predictions that it could take years.“If it was two years, you know, that’s a short period of time,” he said.