El bolichico Alejandro Betancourt. Foto Archivo
Under the political leadership of Delcy Rodríguez, the Venezuelan regime activated a system of oil concessions that allowed private partners to enter the crude business without the minimum levels of transparency typically required in standard concessions. Among the beneficiaries is Alejandro Betancourt, owner of the eyewear brand Hawkers, who secured extraction contracts through the company North American Blue Energy Partners (Nabep), registered in Barbados. According to information from The Objective.
The scheme was implemented following the capture of Nicolás Maduro by the United States and Rodríguez’s subsequent appointment as Minister of Oil and Hydrocarbons. From then on, Venezuela began to award Productive Participation Contracts, a contractual figure without accessible public records, preventing knowledge of how many agreements were signed, with which companies, and under what economic conditions. The reconstruction of the system has only been possible through indirect documents, leaks, and investigative work.
Documentation obtained by The Objective suggests that Chavismo favored at least 16 companies through this mechanism, although only the name of some is known. Among this group is Betancourt, labeled as one of the so-called bolichicos: young entrepreneurs who amassed fortunes through their connections with power. His entry into the oil business occurred via Nabep, a company he shares with American magnate Harry Sargeant III.
Alejandro Betancourt: The versatile confidant on trial
Betancourt’s career in the Venezuelan energy sector dates back to the era of Hugo Chávez. At only 30 years old, through Derwick Associates, he obtained 12 of the 14 significant electrical contracts awarded during that period. According to Transparencia Venezuela en el Exilio, these contracts allegedly generated overcharges close to 2.9 billion dollars.
The company Nabep was established in 2024 and signed contracts with PDVSA within the system designed by Rodríguez. It even used the same offices in Caracas that previously hosted Derwick Associates, as revealed by Armando.info. The main attraction of these agreements was not only production but also crude marketing, the most sensitive aspect of the oil business, where the largest intermediations concentrate.
The contract was signed by the then-president of PDVSA, Pedro Tellechea, who was later imprisoned for corruption. The agreement allowed operations in Petrozamora, a joint venture responsible for exploiting fields in the Zulia state. Reports from Transparencia Venezuela indicate that Betancourt may have directly intervened in oil sales through a confidential agreement signed in April 2024.
Simultaneously, Betancourt maintained business ties with Spanish Alberto Cortina at BDK Financial Group, based in Luxembourg. This connection becomes relevant following statements from former Oil Minister Rafael Ramírez, who claimed in 2018 that José Luis Rodríguez Zapatero mediated to award oil contracts to Spanish entrepreneurs.
The owner of Hawkers also faces legal issues in Spain. Judge Santiago Pedraz, of the Central Court of Instruction No. 5 of the National Court, is investigating a suspected money laundering network originating from PDVSA. Betancourt is among the accused and was questioned in the United Kingdom, where extradition is currently on hold.
Pedraz also requested confirmation from Venezuela on whether the open cases against Betancourt were archived, following the businessman’s claim that Venezuelan justice had cleared him. The judge seeks to determine if that statement is false. In the same context of Productive Participation Contracts, other companies registered in Spain, like Territorio Trading Group, emerge, which reinforces suspicions of a system designed to move oil and capital outside any public control.