Who is Alejandro Betancourt, the controversial figure Trump tapped to lead Venezuela oil?

Alejandro Betancourt, a controversial Venezuelan businessman who built a vast fortune under late socialist President Hugo Chavez and was investigated over suspected money laundering, has been chosen by the Trump administration to head a new U.S.-backed oil venture in the Latin American country.

On Friday (April 18), President Donald Trump announced that the U.S. had reached a deal with Venezuela's interim President Delcy Rodriguez, under which Washington would take control of a major share of Venezuela's more than 65 billion barrels of proven oil reserves.

Under the agreement, the U.S. government is expected to take a 35% passive stake in Betancourt's company, North American Blue Energy Partners (NABEP), Venezuela's second-largest oil firm.

In a statement, Betancourt said Venezuela is “blessed with abundant natural resources, hardworking people, and untapped potential,” and insisted the deal would “unlock that potential for the great benefit of both Venezuelans and Americans.”

So who is Betancourt, 46, and why is President Trump relying on him to tap Venezuela's oil sector?

Who is Alejandro Betancourt Lopez?

Betancourt made his fortune after his company Derwick Associates won contracts to build power plants under the Chavez administration following a severe electricity crisis caused by drought in the late 2000s.

Critics say the company often won contracts without competitive bidding, earning billions of dollars. Betancourt and other firms that received lucrative contracts during the Chavez era are often called “bolichicos,” meaning “Bolivar's rich kids.”

According to media reports, his net worth is estimated at around $2.6 billion.

However, in 2017, the anti-corruption watchdog Transparencia Venezuela accused his company of inflating prices during the drought.

In 2021, another report by the Organized Crime and Corruption Reporting Project (OCCRP) said Betancourt was linked to corruption and money-laundering networks connected to the Venezuelan state.

Over the past decade, he has faced money-laundering investigations in the U.S., Spain, and Switzerland. In 2025, the Venezuelan billionaire was arrested twice in the UK following extradition requests from Switzerland and Spain related to alleged money laundering.

Betancourt, who has experience operating oil fields in Venezuela, became a figure of interest to the Trump administration as it sought to tap the country's vast oil wealth.

This year, according to U.S. media reports, the U.S. administration intervened in Swiss investigations into Betancourt and urged the UK government to lift travel restrictions against him.

The Venezuelan businessman has denied the allegations and has never faced formal criminal charges or convictions.

Betancourt also heads O'Hara Administration, an international investment group based in Spain, where he serves as chairman and is one of the main shareholders of Hawkers, an e-commerce company selling sunglasses.

Born into a wealthy family in Caracas, Betancourt initially worked in the energy sector after completing an MBA at the University of Oxford in the UK.

In April 2024, he co-founded NABEP, and a year later, he took full control of the company headquartered in Bridgetown, Barbados.

Why does Trump want to work with Betancourt?

Trump's move to control Venezuela's oil comes amid global energy market volatility due to the war with Iran, affecting U.S. energy security. U.S. reserves are at record lows. Earlier this week, Trump said he would use Venezuelan oil to fill U.S. strategic reserves.

The joint venture with NABEP, which produces about 200,000 barrels of crude oil per day, would help expand production as Iran's blockade of the Strait of Hormuz has sent global oil prices soaring, including in the U.S. High energy prices could cost Trump politically in the November midterm elections.

On Monday (April 21), the White House released a fact sheet saying the U.S. is forming a private joint venture with North American Blue Energy Partners—the company the Trump administration wants to use to hold a larger share of Venezuela's oil reserves.

In January, U.S. Secretary of State Marco Rubio accused the socialist government of President Nicolas Maduro of creating a transit point for China and Russia.

“This is our hemisphere—and President Trump will not let our security be threatened,” Rubio said after the military campaign in Caracas.

Venezuela holds about 17% of the world's total oil reserves, but due to U.S. sanctions and poor management, the country's oil industry remains underdeveloped. It currently produces about one million barrels per day, just about 1% of global output.

Venezuela's interim leader welcomed the oil deal, which is expected to add much-needed funds to the state treasury.

Partnering with the U.S. will make it easier for NABEP to operate in Venezuela's economy, which remains under U.S. sanctions.

In a statement to Reuters, NABEP said: “Betancourt has been active in Venezuela's oil industry for more than 15 years with a consistent track record, most recently leading NABEP, where he quickly scaled up the company's production.”

The company added that it has a short-term goal of increasing production to over one million barrels per day.

How will the U.S. government's investment in Betancourt's venture work?

According to the White House, under the latest deal with Venezuela, the interim government has granted NABEP “the right to develop 17 oil fields with proven reserves of approximately 65 billion barrels over a 100-year term.” Many of those fields were previously owned by Russian or Chinese companies, the White House noted.

“NABEP has also developed an ambitious plan to rapidly expand production by investing up to $100 billion in new oil infrastructure in Venezuela, boosting economic growth, supporting thousands of well-paid jobs in Venezuela, and generating tens of billions of dollars in broader economic activity,” the White House added.

Meanwhile, the deal will give the Pentagon's Office of Strategic Capital a 35% ownership stake in the company, according to the White House. The U.S. will also be guaranteed the right to purchase 20% of production at cost, coordinated by the State Department.

The deal, which the White House described as ensuring “our energy dominance for the next century,” was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.

On Friday, Trump said the deal “DOUBLES the U.S. oil reserves.”

But by Monday, he admitted U.S. consumers would not see immediate changes in gas prices. Asked about progress at the White House, Trump said “it might take a little while” before prices drop, downplaying analyst predictions that it could take years.

“If it's two years, you know, that's a short period of time,” he said.