Alejandro Betancourt López, a Venezuelan entrepreneur selected by the Trump administration to spearhead a pivotal oil strategy in Venezuela, gained his foothold in the oil industry through a business alliance with Gazprombank, the Russian state bank sanctioned by Washington in 2024 for its financial support of the war in Ukraine.
This situation presents a significant contradiction: while the White House has justified its oil agreement with Venezuela as a strategy to diminish Russian and Chinese influence in the Caribbean nation, high-ranking officials in Washington have endorsed Betancourt as a "proven operator," capable of swiftly boosting production.
Business Ties with Russian Interests
An investigation by ABC, conducted by a group of Venezuelan researchers based in Washington, highlights a partnership established in the Netherlands, Gazprombank Latin America Ventures. Through this joint venture, Betancourt's partners and Russian interests were involved in Petrozamora, a joint venture exploiting oil fields alongside PDVSA.
The Venezuelan state retained 60% ownership of this enterprise, while the entity linked to the Russian bank secured 40%, with rights over fields in Lake Maracaibo since 2012.
The Origins of Betancourt's Oil Endeavors
This corporate structure dates back to 2011 when Betancourt López, alongside his partners Pedro Trebbau and Francisco Convit, founded Derwick Oil & Gas in Barbados, partnering with Gazprombank through this Dutch vehicle.
Documented connections extend beyond shared partnerships. In April 2013, Betancourt personally signed a letter authorizing the transfer of $12.9 million to Gazprombank Latin America Ventures. That same month, Derwick Oil & Gas committed to loaning an additional $35 million to the same entity, with signatures from Boris Ivanov, a top executive at the Russian bank.
Swiss banking documents from CBH Bank in May 2013 shed light on this favor: Betancourt López and his associates had assisted Hugo Chávez's government during an electrical crisis by providing large generators, earning gratitude from both the government and PDVSA, who, as a "gesture of recognition," allowed him entry into the oil business.
Political Maneuvering and International Connections
The so-called "Venezuela Leaks," published in 2018, further revealed Betancourt's resume presented to CBH Bank, identifying him as a "representative of Gazprombank in Latin America" since 2007.
While cultivating ties with Moscow, Betancourt López also established a network in Washington. In 2017, his company Hawkers enlisted Ballard Partners, a lobbying firm where Susie Wiles, now Chief of Staff at the White House, was then employed. Two years later, he hired Rudy Giuliani, Donald Trump's personal lawyer at the time, to represent him before the Department of Justice.
In 2019, amidst the Venezuelan crisis, Betancourt López traveled to Moscow to deliver a letter from Juan Guaidó's opposition, urging Russia to cease its support for Nicolás Maduro.
This effort failed, and the Venezuelan regime stripped him of control over Petrozamora. However, he regained his interests in 2024, and under his management, production increased from around 20,000 barrels per day to nearly 200,000, drawing Washington's attention.
His company, North American Blue Energy Partners (NABEP), now operates fields with reserves estimated at over 65 billion barrels, according to U.S. administration reports.
Legal Challenges and Investigations
Betancourt's profile is further complicated by ongoing judicial investigations in various jurisdictions. According to an El País investigation, Spanish police searched his castle in Toledo in August 2025—valued at over 25 million euros and encompassing 1,440 hectares—discovering five luxury vehicles, 17 undocumented firearms, three silencers, and a UAE residency card in the entrepreneur's name.
The Spanish National Court is investigating alleged money laundering and tax evasion tied to a purported $4.35 billion fraud stemming from a PDVSA loan.
Washington has yet to respond to a Spanish judicial request to question five key witnesses already convicted in the United States, stalling the case.
Betancourt and his lawyers have consistently denied any illegal activity, asserting that his business ventures have legitimate origins.
Judge Santiago Pedraz has warned that if no response is received from Washington by December, he will close the investigation against the billionaire.
Frequently Asked Questions about Alejandro Betancourt López and Venezuelan Oil Deal
What is Alejandro Betancourt López's connection to Gazprombank?
Alejandro Betancourt López established a business alliance with Gazprombank through a Dutch entity, Gazprombank Latin America Ventures, which was involved in the Petrozamora joint venture with PDVSA.
Why did the Trump administration choose Betancourt as a key figure in their Venezuelan oil strategy?
The Trump administration viewed Betancourt as a "proven operator" capable of rapidly increasing oil production in Venezuela, which was part of their strategy to reduce Russian and Chinese influence in the region.
What legal challenges is Alejandro Betancourt López facing?
Betancourt is under investigation by the Spanish National Court for alleged money laundering and tax evasion linked to a suspected $4.35 billion fraud involving a PDVSA loan.