Who is Alejandro Betancourt, ex-Chavez ally now Trump’s Venezuela oil man?

What the report says

Alejandro Betancourt, a Venezuelan businessman with a long and controversial record in the country’s energy sector, has been named to lead a new US-backed oil venture in Venezuela, according to Al Jazeera. The announcement came after President Donald Trump said Washington had reached a deal with Venezuela’s interim president, Delcy Rodriguez, to increase US control over part of the country’s vast oil reserves.

Al Jazeera reports that the arrangement centers on North American Blue Energy Partners (NABEP), a company Betancourt cofounded in 2024 and later took full control of. Under the deal, the US government would hold a 35 percent passive stake in the venture, while gaining a right to purchase part of the output. The White House said the project could involve long-term concessions across multiple oil fields and substantial new investment in Venezuelan energy infrastructure.

Betancourt first made his fortune during the Hugo Chavez era through Derwick Associates, which won power-sector contracts during an acute electricity crisis. He has faced allegations of inflated contracts and money laundering investigations in several countries, although he has denied wrongdoing and has not been convicted, Al Jazeera said. The article notes that he has also had past encounters with law enforcement linked to extradition requests.

The reported deal matters because it ties US energy strategy to Venezuela, a country with some of the world’s largest proven oil reserves but chronic production problems caused by sanctions, mismanagement and underinvestment. More broadly, it reflects the Trump administration’s effort to reshape energy markets and secure more supply at a time of volatile global prices.