Trump administration announces oil deal with Venezuela's NABEP giving U.S. government a 35% stake
The White House announced a deal giving the Pentagon's Office of Strategic Capital a 35% equity stake in North American Blue Energy Partners (NABEP), a company controlled by Venezuelan businessman Alejandro Betancourt. NABEP received 100-year rights to 17 Venezuelan oil fields containing approximately 65 billion barrels of proven reserves and committed to investing $100 billion in infrastructure. The U.S. State Department gained the right to purchase 20% of output at cost and right of first refusal on the remainder. Analysts and political figures raised concerns about the deal's feasibility, legality, and Betancourt's background.
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“White House unveils new details of Venezuela agreement” · Politico, Axios, Globe and Mail, Al Jazeera, Bloomberg, The Hill, Reuters, Le Monde