U.S. Exploits Venezuelan Oil in Corporate Giveaway with North American Blue Energy Partners
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The Trump administration has struck a controversial deal that hands over Venezuelan oil to U.S. interests, empowering corporate elites while partnering with a CEO under international investigation.
In a move emblematic of U.S. imperialism and corporate greed, the Trump administration has secured a deal granting the United States the right to purchase 20% of oil produced from Venezuelan fields operated by North American Blue Energy Partners (NABEP) at production cost, with a privileged first-refusal option on the remaining 80%. The agreement further entrenches U.S. dominance by awarding the government a 35% ownership stake in NABEP’s parent company and veto power over board appointments, with a requirement that a majority of board members be U.S. citizens—effectively sidelining Venezuelan sovereignty in favor of American corporate interests.
The deal’s private-sector face, Alejandro Betancourt López, 46, CEO of NABEP and Venezuela’s second-largest private oil producer, is mired in scandal. Betancourt López, who only founded NABEP in April 2024, is under investigation by authorities in the United States, Switzerland, and Spain for allegedly siphoning over $1 billion from Venezuela’s state oil company PDVSA—a stark reminder of the corruption endemic to neoliberal privatization schemes. Despite his denials and the lack of formal charges, the partnership with such a figure highlights the Trump administration’s willingness to overlook ethical concerns in pursuit of profit.
NABEP’s general counsel, Sara Chouraqui, attempted to whitewash Betancourt López’s record, insisting he “has never been charged with a crime in any jurisdiction” and portraying him as a servant of the Venezuelan people. Yet, this rhetoric rings hollow as the company acts as a conduit for U.S. control over Venezuelan resources.
Betancourt López himself praised the deal, claiming it would unleash Venezuela’s natural resources for the benefit of both nations—a familiar refrain used to justify resource extraction by foreign powers. President Donald Trump framed the agreement as a way to boost U.S. oil supplies and lower gasoline prices, prioritizing American consumption over Venezuelan autonomy. Meanwhile, Venezuelan President Delcy Rodríguez, under pressure from economic crisis and sanctions, touted the potential for $200 billion in tax revenue, glossing over the long-term consequences of ceding control to foreign capital.
NABEP, based in the offshore haven of Barbados, currently produces about 200,000 barrels per day and aims to quintuple output within five years, according to company statements. This deal represents yet another chapter in the ongoing exploitation of Latin America’s resources by U.S. corporations, facilitated by complicit elites and neoliberal governments.