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A Venezuelan tycoon who amassed a fortune selling electric turbines and extracting oil has become the administration’s trusted man trump to promote “America First” deals for favored American companies, as Washington seeks to exert greater influence in the resource-rich South American country.
Alejandro Betancourta businessman with a controversial track record who controls Venezuela’s largest independent oil producer, is helping the U.S. administration identify promising energy assets, evaluate operational bottlenecks and establish industry contacts, according to people familiar with his role.
Betancourt is working to facilitate a US strategy to attract small independent oil companies, given that traditional oil majors have been reluctant to invest there. In recent months, several preliminary agreements have been reached with companies such as Lionheart Capital and Pacific Coast Energy Co.. , known as Pcec.
The information published by Bloomberg about Betancourt It is based on interviews with his business partners, government officials and advisors familiar with his work. They requested anonymity because they did not want to be identified when discussing confidential matters, feared retaliation or were not authorized to speak publicly on the subject.
The emergence of the tycoon as a central figure allows us to understand how Washington is intensifying its efforts to encourage American companies to extract Venezuelan oil and invest US$100 billion in a country that the president donald trump described as the 51st state. More than seven months after the United States captured Nicolas Maduropaid tribute to his successor and declared Venezuela open for business, major oil deals remain elusive, hampered by complex negotiations with the state-owned company Petróleos de Venezuela SA and the restrictions imposed by sanctions.
In the absence of competitive bidding, progress is opaque. This has given Betancourt enormous influence in Venezuelan oil circles, according to close sources, despite years of investigations in Europe, the United States and Venezuela for accusations of corruption, money laundering and tax fraud. He has denied any wrongdoing and has never been accused of any crime.
Until recently, Betancourt he avoided setting foot on US soil for fear of US investigation, according to sources familiar with the matter.
Betancourt He is also a leading figure in the Venezuelan oil sector. Your company, North American Blue Energy Partners (Nabep)extracts about 200,000 barrels of crude oil per day from fields near Lake Maracaibo and the Orinoco Belt, according to a source close to the matter. This makes it the second largest private producer in Venezuela, after Chevron Corp.
Last week, a part close to Betancourt agreed to purchase the minority stake in Nabep that he owned Harry Sargeant IIIaccording to sources familiar with the transaction. Sargeanta Florida oil magnate, had come under fire from the Venezuelan opposition and US allies for allegedly supporting Ripe. Shortly after signing the agreement with Nabephe Treasury Department notified the lawyer Sargeant which had blocked the assets of its offshore holding company.
Betancourt declined to comment. It was not possible to contact Sargeant by phone or email through your parent company, Global Oil Management Group, based in Florida. Nabep did not respond to request for comment.
