Alejandro Betancourt: The Man Behind the US-Venezuela Oil Deal

Who is Alejandro Betancourt?

When President Donald Trump called the recent oil deal between the US and Venezuela "the biggest in history," he was referring to a complex arrangement that places North American Blue Energy Partners (Nabep) in control of 17 strategic oil fields, containing about 65 billion barrels of crude. The man at the heart of this deal is Alejandro Betancourt López, a 46-year-old Venezuelan businessman with a history spanning decades of political and business dealings in Venezuela.

"He has a track record of being able to produce oil," said US Secretary of State Marco Rubio. "He is an individual who strongly supported the opposition."

Betancourt's name may not be widely known in mainstream media, but it's familiar to many Venezuelans. As a key figure in the country's business landscape, he has built a network of companies across 16 countries and has faced investigations in five different nations—though he has never been convicted of any crime.

The Rise of a Business Mogul

Leopoldo Alejandro Betancourt López was born in Caracas in February 1980 into a middle-class family. He graduated from Suffolk University in Boston, Massachusetts, and has since become one of Venezuela's most influential business figures with an estimated net worth of $2.6 billion.

His early life was marked by strong academic performance and connections that would prove crucial later in his career. According to Venezuelan journalist Alek Boyd, Betancourt became a close friend of Javier Alvarado Pardi, the son of someone who would later become vice-minister of energy and an executive at Petróleos de Venezuela (PDVSA), the state-run oil company.

In 2009, during Venezuela's electricity crisis, Alvarado introduced Betancourt to his father, who was looking for solutions. Despite lacking experience in the power sector, Derwick Associates, a firm co-founded by Betancourt and his cousin, was awarded 12 government contracts totaling $5 billion without a public bidding process.

This marked the beginning of what became known as the "bolichicos," a term coined by media to describe a group of young, successful entrepreneurs closely associated with Hugo Chávez's regime. Betancourt's legal team rejects this label, saying it's just a media construct.

Building an Empire Across Borders

Betancourt's ventures quickly expanded beyond Venezuela. In the mid-2010s, he began international expansion by acquiring a stake in the Spanish sunglasses company Hawkers, eventually becoming its majority shareholder and president in 2016.

He also acquired banking entities in Switzerland and Africa. By 2025, his business empire spanned some 50 companies across 16 countries according to investigations by Transparency Venezuela.

This rapid growth wasn't without controversy. Anti-corruption groups like Transparency Venezuela have alleged that several projects awarded to Derwick Associates were either unfinished or poorly executed. A 2018 report from the organization estimated that 11 of the projects should have cost $2.1 billion, meaning the government overpaid by as much as 138%.

Betancourt's legal team has dismissed these accusations as politically motivated smears. Nevertheless, the allegations highlight the murky waters he's navigated throughout his career.

Legal Troubles and International Scrutiny

Despite criticism, Venezuelan authorities allowed Derwick to enter the oil industry. But Betancourt's legal issues didn't end there.

In 2013, former US ambassador Otto Reich filed a lawsuit in an American court against Betancourt and two associates, claiming they paid large sums to Venezuelan officials in exchange for government contracts. Though dismissed five years later, the case was merely the beginning of legal entanglements that followed.

Over recent years, judicial authorities in Spain, Switzerland, Andorra, and the US have opened investigations against Betancourt and other “bolichicos” for alleged involvement in corruption schemes tied to PDVSA. He has not been charged and continues to deny any wrongdoing.

In 2025, he made headlines again when he was detained twice by British police in London, where he had settled in recent years. A few days later, Spanish authorities raided Alamín Castle, a palatial estate Betancourt owned in the province of Toledo—both actions reportedly related to an investigation into alleged money laundering initiated by the Swiss public prosecutor's office.

His lawyer suggested these efforts were part of a broader targeting of his peers in the business community. "This is a group of very successful young entrepreneurs," Sale told BBC News Mundo, "some have broken the law and others haven't, but they've all been lumped together."

Why the US Chose Him

So why did the US select Betancourt as a partner for such a high-stakes oil deal? Secretary of State Marco Rubio offered three reasons in an interview with Venezuelan journalist Sergio Novelli:

• He has a track record of being able to produce oil.
• He is not currently under investigation by the US.
• He strongly supported the opposition.

The third point is perhaps the most telling. Unlike others who prospered under Chávez, Betancourt and his associates didn't align ideologically with the late president's movement. Instead, they saw a business opportunity—and took advantage of it.

When the winds shifted, Betancourt shifted with them. He forged strong relationships with opposition leader Juan Guaidó during Trump's first term, which proved pivotal in gaining US backing.

The Turning Point: From Political Exile to Diplomatic Bridge

During a failed attempt to oust Nicolás Maduro in 2019, Betancourt was removed from the oil business and forced to live between Madrid and London. His contacts within the US government were reportedly instrumental in easing legal pressure against him in late 2025.

The Washington Post reported that US authorities urged Switzerland to drop its extradition request before British courts acted. The Swiss authorities complied, and last May a London court lifted the travel ban placed upon him. "Switzerland did not present the evidence requested by the English judges to support its extradition request," Betancourt's lawyer told BBC News Mundo.

In an intriguing twist, Axios reported that just minutes after US forces seized Maduro and his wife, Cilia Flores, on January 3, Betancourt spoke with then-Vice President Delcy Rodríguez and convinced her to speak with Secretary of State Rubio. His lawyer confirmed this version, stating, "He acted as an intermediary."

Despite the allegations and legal complications, interim President Delcy Rodríguez has defended Betancourt, saying he has no pending cases in Venezuela or the US. "Often a person is judged in the media before in the courts," she said.

Final Thoughts: The Man Who Always Seems to Be in the Right Place

Throughout his career, Alejandro Betancourt has been described by those who've followed him closely as a master of positioning himself strategically within both business and political environments. His journey from a promising student at Instituto Cumbres de Caracas to a controversial oil magnate with global influence is a testament to his adaptability and shrewdness.

Whether you view him as a savvy entrepreneur or a morally ambiguous figure, one thing remains certain: he has consistently found himself in the right place at the right time. Whether that will continue under the scrutiny of international markets and governments remains to be seen—but for now, his name continues to echo in headlines across the globe.