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🇻🇪 Venezuela /Elections & Politics

Alejandro Betancourt Says U.S. Deal Will Benefit Venezuelans: “We Are Grateful to President Trump”

From El Nacional · () Spanish

Translated from Spanish and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • North American Blue Energy Partners reached an agreement with the U.S. State and War departments to significantly expand oil production in Venezuela.
  • The company says the plan could add tens of millions of barrels to global markets, create thousands of jobs and attract about $100 billion in investment.
  • NABEP would retain operational control, while the U.S. government would receive a 35% stake and preferential access to 20% of production at cost.

Alejandro Betancourt, chief executive of North American Blue Energy Partners, says a new agreement with the United States will unlock Venezuela’s underused energy potential and benefit both Venezuelans and Americans.

“Venezuela is blessed with abundant natural resources, hardworking people and untapped potential. This transaction will unlock that potential for the great benefit of both Venezuelans and Americans,” Betancourt said in a statement released by NABEP.

The agreement with the U.S. State and War departments aims to significantly increase Venezuelan oil production. NABEP says it will keep operational control of the business. The U.S. government will hold the right to a 35% stake in the company and receive preferential access to 20% of its output at cost.

Venezuela is blessed with abundant natural resources, hardworking people and untapped potential. This transaction will unlock that potential for the great benefit of both Venezuelans and Americans.

— Alejandro BetancourtThe NABEP chief executive described the expected benefits of the agreement.

The company says the project could bring tens of millions of additional Venezuelan crude barrels to global markets, while generating thousands of well-paid jobs and billions of dollars in new investment and economic activity in Venezuela. NABEP controls marketing rights for more than 65 billion barrels of Venezuelan reserves and plans to accelerate operations in Lake Maracaibo and the Orinoco Oil Belt, with the goal of exceeding 1 million barrels per day in the short term.

The announced program includes nearly $100 billion in investment for oil and gas production capacity and infrastructure. It also projects more than $209 billion in tax revenue for the Venezuelan state. NABEP expects to provide roughly $200 billion in royalties and taxes during the agreement’s first 25 years. The White House described that income as important for Venezuela’s reconstruction and social development. The concessions operate under Venezuela’s new hydrocarbons law, which the White House characterized as providing for the modernization, privatization and development of the country’s lagging oil sector.

We are grateful to President Donald J. Trump, Secretary Marco Rubio, Secretary Pete Hegseth, the government of the United States, and President Delcy Rodríguez and the government of Venezuela, for their trust in NABEP and their willingness to face this challenge with us. We look forward with enthusiasm to opening together a new and exciting path.

— North American Blue Energy PartnersThe company thanked U.S. and Venezuelan officials for supporting the agreement.
About this summary

Originally published by El Nacional in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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