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White House Partners with NABEP for Venezuela Oil Deal
Developing
"NABEP will have reputable U.S. auditors, lawyers, and advisers and the U.S. government's agreement with NABEP is governed by U.S. law and is subject to the jurisdiction of U.S. courts," the White House said in a fact sheet about the deal.
WASHINGTON — The White House on Monday said it's partnering with North American Blue Energy Partners as part of President Donald Trump 's push to tap into Venezuela's oil industry, setting up a deal that will give the Pentagon a stake over roughly a fifth of the country's vast oil reserves.
The White House claimed the deal would be "at zero cost" to the U.S., and said the government would have veto power on board members — the majority of whom would be U.S. citizens. Rep. Rick Crawford, the Republican chairman of the House Intelligence Committee, said he wanted to hear details from the Trump administration "hopefully sooner rather than later.
Asked about a timeline at the White House, Trump said "it could be a little bit" for prices to fall, and he played down analyst predictions that it could take years. The White House has said that increasing the number of refineries and expanding the capacity at existing facilities would eventually reduce prices for consumers.
Many of those fields were previously owned by Russian or Chinese firms, the White House said. In a statement Monday, Alejandro Betancourt said Venezuela is "blessed with an abundance of natural resources, hardworking people and untapped potential," adding that the deal will "unleash that potential to the great benefit of both Venezuelans and Americans.
Sen. Jack Reed, the top Democrat on the Senate Armed Services Committee, said a deal that uses the military to boost a private oil venture should be rejected and said he wanted a full accounting of the legal authority for the agreement.
Trump has been pushing to boost oil production in Venezuela since the January military mission that captured then-President Nicolás Maduro on federal narcoterrorism and drug trafficking charges. The Trump administration released more details on Monday night, days after Trump announced what he described as the biggest oil deal in history.
Lawmakers on Capitol Hill said Monday that they were looking for more information about the agreement. The agreement was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.
What's confirmed
What's still developing
- WASHINGTON — The White House on Monday said it's partnering with North American Blue Energy Partners as part of President Donald Trump 's push to tap into Venezuela's oil industry, setting up a deal that will give…
- The Trump administration released more details on Monday night, days after Trump announced what he described as the biggest oil deal in history.
- Many of those fields were previously owned by Russian or Chinese firms, the White House said.
- In a statement Monday, Alejandro Betancourt said Venezuela is "blessed with an abundance of natural resources, hardworking people and untapped potential," adding that the deal will "unleash that potential to the…
- The company said Alejandro Betancourt had been involved in the Venezuelan oil industry for more than 15 years and said the company has more than 5,000 employees and more than 10,000 contractors.
- The agreement was signed by Defense Secretary Pete Hegseth and Secretary of State Marco Rubio.
- Trump has been pushing to boost oil production in Venezuela since the January military mission that captured then-President Nicolás Maduro on federal narcoterrorism and drug trafficking charges.
- The White House claimed the deal would be "at zero cost" to the U.S., and said the government would have veto power on board members — the majority of whom would be U.S. citizens.
Sources
- NPRlink