Donald Trump described the agreement to take control of Venezuela’s strategic oil reserves as “the biggest in history.” Behind this ambitious plan to exploit the country’s vast energy reserves, however, lies a figure who is controversial to many: Alejandro Betancourt López, the Venezuelan businessman who took on the task of carrying out the plan to produce and sell oil through the company North American Blue Energy Partners (Nabep).
The company, headquartered in Barbados, was not particularly well-known outside of Venezuela, but it is now at the center of a deal involving 17 oil fields with total reserves of approximately 65 billion barrels of crude oil.
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According to the BBC, the man behind this deal is one of Latin America’s most controversial businessmen. A man who managed to build a billion-dollar empire, but at the same time has been the target of investigations in many countries for alleged corruption and money laundering. He has repeatedly denied any illegal activity and has never been convicted of any crime.
From his ties to the Chávez era to the “bolichicos”
Leopoldo Alejandro Betancourt López was born in Caracas in February 1980. A graduate of Suffolk University in Boston, his net worth is currently estimated at approximately $2.6 billion.
He attributes his success to his “entrepreneurial spirit.” However, journalists who have been following his career for years argue that his early success was linked to the connections he made at the private school Instituto Cumbres in Caracas. There, he reportedly met Javier Alvarado Pardi, the son of an executive who would later assume key positions in Venezuela’s energy sector, including at the state-owned oil company PDVSA.
According to journalist Alec Boyd, who has been investigating the case since 2011, in 2009, when Venezuela was facing a severe energy crisis, Alvarado introduced Betancourt and his associates to his father, claiming they could solve the power supply problems, even though they had no experience in the industry. Shortly thereafter, Derwick Associates—a company Betancourt had founded with a cousin—secured 12 government contracts worth a total of approximately $5 billion without a competitive bidding process.
It was during this period that the nickname “bolichicos” emerged—a combination of the words “Bolivariano,” referring to the Hugo Chávez revolution, and “chicos,” meaning young men. The term was used to describe a new generation of businesspeople who grew wealthy through connections with the government.
Betancur’s attorney rejects the label, arguing that it is a term coined by the media to describe successful young entrepreneurs.
The Business Empire and the Charges
Derwick Associates claims it has completed all the electrification projects it undertook. However, anti-corruption organizations, such as Transparency Venezuela and the Organized Crime and Corruption Reporting Project, have reported that some projects were either not completed or encountered problems during their implementation.
A 2018 report by Transparency Venezuela stated that 11 of Derwick’s projects should have cost approximately $2.1 billion. If these estimates are correct, the state would have paid approximately 138% more than the actual cost.
Betancourt’s legal team has characterized the charges as politically motivated attacks.
Despite the backlash, Derwick later expanded into the oil sector, while Betancourt himself built an international business network. In the mid-2010s, he acquired a majority stake in the Spanish eyewear company Hawkers, and he also invested in banking institutions in Switzerland and Africa. Today, according to research by Transparency Venezuela, his business network includes approximately 50 companies in 16 countries.
Investigations in the U.S. and Europe and his return to the spotlight
In 2013, Otto Reich, the former U.S. ambassador to Venezuela, filed a lawsuit in a U.S. court against Betancourt and two of his associates, accusing them of paying large sums to government officials to secure contracts.
The case was dismissed five years later, but the businessman’s legal troubles continued. In recent years, judicial authorities in Spain, Switzerland, Andorra, and the U.S. have investigated cases involving his alleged involvement in corruption networks surrounding PDVSA. He has not been formally charged and denies any wrongdoing.
In 2025, he made headlines again when he was arrested twice by British police in London, where he had settled. A few days later, Spanish authorities raided the luxurious Alamin Castle, which he owned in the province of Toledo. These operations were reportedly linked to an investigation by the Swiss prosecutor’s office into possible money laundering.
Why Did Trump Choose Him?
The question now on many people’s minds is why Washington chose such a controversial businessman for the grand plan to bring Venezuela back into the global oil market.
U.S. Secretary of State Marco Rubio gave three reasons. First, he argued that Betancourt has a proven track record in oil production. Some analysts estimate that Nabep produces approximately 180,000 barrels per day, close to Chevron’s production in the country, although others dispute these figures.
Second, he noted that the businessman is not currently under investigation in the U.S. Third, he argued that Betancourt had supported the Venezuelan opposition.
Although he had benefited financially during the Chávez era, neither he nor his associates were considered ideological supporters of the regime. When the political balance shifted, Betancourt developed ties with opposition leader Juan Guaidó, which opened channels of communication for him with figures close to Donald Trump.
The man who “is always on the right side of history”
According to reports, Betancourt acted as a mediator following the U.S. military operation on January 3 that led to the arrest of Nicolás Maduro and his wife, Cilia Flores.
He reportedly contacted Venezuela’s interim president, Delcy Rodríguez, and helped her get in touch with Marco Rubio. His lawyer argues that his client merely acted as an “intermediary” because he had the trust of different sides. Rodríguez herself defended Betancourt, stating that he has no pending cases in either Venezuela or the U.S.
For those who have been following his career for years, one thing is considered a given: his ability to adapt. “He’s extremely capable. He always manages to be where he needs to be, avoid trouble, and make money,” says journalist Alec Boyd.
