White House unveils more details of Trump’s Venezuela oil deal
Summary
The White House announced a deal giving the US Pentagon a stake in about 20% of Venezuela’s oil reserves through a partnership with North American Blue Energy Partners, owned by Venezuelan businessman Alejandro Betancourt. The agreement grants US access to Venezuela’s oil fields and aims to increase oil production, with the US guaranteed rights to purchase part of the output at cost.Key Facts
- The deal creates a joint venture between the US and North American Blue Energy Partners (NABEP).
- NABEP is owned by Alejandro Betancourt, a Venezuelan businessman.
- The Pentagon’s Office of Strategic Capital will own 35% of the company.
- The US has rights to buy 20% of the oil output at cost through the State Department.
- Venezuela’s acting President Delcy Rodriguez granted 100-year rights over 17 oil fields with 65 billion barrels of proven reserves.
- Many oil fields were previously controlled by Russian and Chinese firms or allies of former Venezuelan leaders.
- Betancourt’s company plans $100 billion in new oil infrastructure investments.
- President Trump said the deal could help replenish US strategic oil reserves affected by war-related supply issues.
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