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🇻🇪 Venezuela /Energy & Infrastructure

US to manage and audit any funds Nabep assigns to PDVSA, White House says

From El Nacional · () Spanish

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

At a glance

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  • The White House said the United States will manage and audit any money that North American Blue Energy Partners assigns to Venezuela’s state oil company PDVSA.
  • Washington said the oversight system forms part of an oil agreement with the private Venezuelan company and is intended to ensure that revenues support productive purposes.
  • The administration said the agreement covers 17 fields, follows US law and could bring significant Venezuelan oil production to the United States early next year.

The United States will control and audit any money that North American Blue Energy Partners assigns to Venezuela’s state oil company PDVSA, according to a White House statement published Sept. 2.

Washington said it introduced the financial oversight mechanisms as part of an oil agreement with Nabep, owned by Venezuelan businessman Alejandro Betancourt. The stated aim is to ensure that the revenues generated go toward productive uses benefiting Venezuelans.

We have implemented audits and strong governance measures to make sure that what happened with PDVSA does not happen again. Any amount that Nabep allocates to PDVSA will go through an account managed and audited by the United States.

· White HouseThe statement described the financial controls included in the oil agreement.

“We have implemented audits and strong governance measures to make sure that what happened with PDVSA does not happen again. Any amount that Nabep allocates to PDVSA will go through an account managed and audited by the United States,” the White House said.

This agreement was signed with a private company that already produces 250,000 barrels of oil per day. Thanks to guaranteed purchase rights, significant production will begin reaching the United States early next year.

· US administrationWashington described the company’s current output and the expected timing of exports.

The Donald Trump administration stressed that negotiations with Nabep did not include a political process. It also said the agreement was made with a private company, not the interim government of Delcy Rodríguez. According to the statement, the 17 oil fields covered by the deal were not in Venezuelan hands or operated by Venezuelans. They were under the control of foreign actors described by Washington as corrupt and malicious.

The White House said the agreement is governed by US law and was negotiated with US law firms and auditors. It described Nabep as the most successful private operator in Venezuela, producing 250,000 barrels of oil per day, and said guaranteed purchase rights would allow significant production to begin reaching the United States early next year. Washington compared the arrangement with Chevron’s operations in Venezuela and said the oil had remained underused underground instead of helping the country’s economic recovery.

This agreement is practically identical to the way Chevron operates in Venezuela. This oil has been underused and has remained underground when it could have been used to drive the economic recovery of the Venezuelan people.

· US administrationThe statement compared the arrangement with Chevron’s Venezuelan operations and presented the deal’s economic rationale.
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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