Venezuelan billionaire Alejandro Betancourt shifts from money-laundering probe to Pentagon oil partnership

Alejandro Betancourt, a Venezuelan billionaire previously targeted by U.S., Spanish and Swiss money-laundering investigations linked to PDVSA funds, has become the United States’ principal partner in a new oil arrangement with Venezuela. The Pentagon’s Office of Strategic Capital will hold a 35% interest in Betancourt’s company North American Blue Energy Partners, and the State Department will be able to buy 20% of its output at cost, securing roughly one-fifth of Venezuela’s crude for decades.

Betancourt provided intelligence that aided a U.S. naval blockade of sanctioned tankers and helped negotiate with officials such as Delcy Rodriguez before and after Nicolas Maduro’s capture. He has also facilitated subsequent oil trading deals that have moved over 135 million barrels to the United States and other markets. While U.S. prosecutors have paused their case and Swiss authorities withdrew an extradition request, investigations in Spain and Switzerland continue. Critics warn that his past legal entanglements raise concerns about his influence on U.S. policy toward Venezuela.