Alejandro Betancourt: Overview of the Venezuelan Businessman Involved in US-Venezuela Oil Deal

Alejandro Betancourt's name is familiar to many Venezuelans. President Donald Trump described the deal granting the US control of strategic Venezuelan oil fields as "the biggest in history." North American Blue Energy Partners (Nabep), a company not widely known outside Venezuela, will oversee the production and sale of 17 oil fields containing approximately 65 billion barrels of crude oil. The agreement has attracted attention. Betancourt López, the Venezuelan oil baron leading the Barbados-registered firm, has a history of business dealings with the Venezuelan government dating back to the presidency of Hugo Chávez. He is currently under investigation in five different countries but has denied any wrongdoing and has not been convicted of a crime. Betancourt's firm, Derwick Associates, won contracts to build 11 new power plants. Born in Caracas in February 1980, Betancourt is estimated to be worth around $2.6 billion. His success is attributed to his entrepreneurial spirit, though Venezuelan journalists suggest it began with connections made during his education at Instituto Cumbres de Caracas, a private school. Journalist Alek Boyd noted that Betancourt became friends with Javier Alvarado Pardi, whose father was a key figure in Venezuela's energy sector. In 2009, during an electricity crisis, Alvarado introduced Betancourt to his father, leading to Derwick Associates receiving 12 government contracts worth a total of $5 billion without competitive bidding. Betancourt and his contemporaries were referred to as "bolichicos," a term used to describe young entrepreneurs who succeeded in business. Derwick Associates claimed to have completed its electrification projects, but anti-corruption organizations allege that many were either unfinished or poorly executed. A 2018 report estimated that the government overpaid for 11 projects awarded to Derwick by 138%. Betancourt's legal team has rejected these accusations as politically motivated. Venezuelan authorities later allowed Derwick to enter the oil industry. Betancourt's business activities extend beyond Venezuela; he acquired a stake in the Spanish sunglasses company Hawkers and banking entities in Switzerland and Africa. Today, his business network includes around 50 companies across 16 countries. In 2013, a lawsuit was filed against Betancourt in the US for allegedly paying bribes to Venezuelan officials, but it was dismissed five years later. Investigations into Betancourt's activities have been initiated in Spain, Switzerland, Andorra, and the US, but he has not been charged. In 2025, he was detained twice by British police in London, and Spanish authorities raided his estate in Toledo, linked to a Swiss money laundering investigation. Betancourt's lawyer suggested he is being targeted due to his associations with other successful Venezuelan businessmen. US Secretary of State Marco Rubio provided three reasons for choosing Betancourt as a partner: his ability to produce oil, the absence of US investigations against him, and his support for the opposition. Experts estimate Nabep produces around 180,000 barrels of crude per day. Betancourt has shifted his alliances over time, aligning with opposition leader Juan Guaidó during Trump's presidency. His connections with US officials, including former Special Envoy Mauricio Claver-Carone, helped him navigate legal challenges. Following a military operation on January 3 that led to the seizure of Nicolás Maduro and his wife, Betancourt reportedly acted as an intermediary between Maduro's administration and US officials. Delcy Rodríguez, now interim president of Venezuela, defended Betancourt, stating he has no pending cases in Venezuela or the US. Observers note that Betancourt has consistently positioned himself advantageously in business dealings.