Alejandro Betancourt, a Venezuelan businessman investigated in Europe for money laundering and tax fraud, has once again taken a significant role in Venezuela’s primary industry. Following months of restrictions limiting his movements from the UK, Betancourt has resumed international travels and is now linked to efforts aimed at attracting American investors to the Venezuelan oil sector.
His return comes at a time when judicial scrutiny remains over operations related to the origin and movement of a portion of his wealth. The National Court of Spain reopened an investigation in June for suspected money laundering and tax offenses connected to a scheme that allegedly defrauded $4.85 billion through foreign exchange operations related to PDVSA. The case also investigates the alleged payment of $42 million in bribes to three officials of the state-owned oil company. Betancourt has denied any wrongdoing.
The Spanish investigation stems from earlier actions taken in Switzerland, where he has also been investigated for suspected money laundering. This led to a request for extradition from the UK and the retention of his Italian and Venezuelan passports. The restrictions were lifted in May 2026 by the authorities of the canton of Zurich.
Alejandro Betancourt is back in Caracas doing business with Donald Trump’s endorsement
Just weeks later, Betancourt returned to Venezuela. On June 27, a private jet from Palm Beach landed in Caracas with the businessman, his wife, Andreina, and another passenger on board. Subsequent travels have been shrouded in questions. In July, documents from a flight from Florida to Maiquetía showed different passenger lists: one included Betancourt, family, and business associates, while in the other, their names had vanished.
Another record documented his departure from Venezuela on July 30 to a private airport in Miami. Among those accompanying him were Sean Pi and Henry Heeney, co-founders of Heeney Capital, a firm focused on investments in mining and natural resources that had reached agreements linked to gold and mining projects in Venezuela. These movements align with the renewed interest of private investors in strategic Venezuelan sectors.
Meanwhile, Betancourt is involved in efforts to identify oil assets, assess operational obstacles, and connect potential U.S. investors with opportunities in Venezuela. Washington aims to incentivize up to $100 billion in investments to revive the energy industry, although negotiations with PDVSA, sanctions, and the caution of major companies continue to pose challenges for large-scale operations.
The reluctance of companies like ExxonMobil and ConocoPhillips has created space for independent operators and private funds willing to take on greater risks. Among the firms involved in preliminary agreements are Lionheart Capital and Pacific Coast Energy Co. (PCEC). The latter has established agreements to operate fields in Lake Maracaibo and the Orinoco Belt.
This process raises questions about transparency and fairness: part of the new business is conducted without competitive bidding processes and with limited public information regarding the criteria used to select operators and investors. In this scenario, entrepreneurs with direct access to officials and prior knowledge of PDVSA may gain considerable leverage in identifying and channeling opportunities.
Betancourt has a longstanding history of doing business with the Venezuelan state. He was a co-founder of Derwick Associates, a company with no previous experience that secured at least 11 non-bid contracts worth approximately $5 billion to build thermoelectric plants during the electricity emergency declared by Hugo Chávez. Transparency Venezuela estimated the overpricing associated with these contracts at around $2.9 billion.
The opaque multimillion-dollar exchange operatios of PDVSA with Alejandro Betancourt and Raúl Gorrín
It was then that Betancourt became identified as one of the so-called “bolichicos”, a term used to describe young entrepreneurs who accumulated great fortunes through public contracts during Hugo Chávez’s governments. Derwick and its operations were later subject to investigations in Venezuela, the United States, and Spain for suspected corruption and money laundering. Betancourt and the company denied these accusations.
His current presence in the Venezuelan oil industry is mainly centered around North American Blue Energy Partners (NABEP). The company produces around 200,000 barrels daily from fields near Lake Maracaibo and in the Orinoco Belt, according to sources cited in journalistic investigations. A part close to Betancourt also agreed to acquire a minority stake for about $300 million from Harry Sargeant III after the American businessman faced pressure from the Department of Treasury to withdraw from that investment.
Betancourt and Sargeant have also reportedly collaborated in developing a more flexible contractual modality to conduct operations with PDVSA, a structure that later served as a reference for agreements offered to new investors. PCEC also has a deal with NABEP to obtain local supplies for its Venezuelan operations.
The businessman’s access isn’t limited to the corporate realm. Betancourt maintains contact with interim president Delcy Rodríguez and with Félix Plasencia, foreign policy advisor, and has reportedly hosted members of a delegation from the U.S. Congress. Mauricio Claver-Carone previously acknowledged that he and other U.S. officials used Betancourt as an intermediary due to his knowledge of the oil industry and his connections between Venezuela and the United States.
This situation presents a contradiction that transcends the individual trajectory of the businessman. While Venezuela seeks foreign capital and the U.S. attempts to incorporate private companies into the recovery of the industry, one of the players involved in that process is linked to investigations into suspected laundering and multimillion-dollar operations connected to PDVSA itself.
Betancourt has not been convicted for the investigated actions and has denied allegations of irregularities. However, his return to oil business, the access he maintains to high-level officials, and his involvement in a process characterized by scarce public information once again highlight the demands for due diligence, transparency, and accountability regarding who is participating in the reorganization of Venezuela’s oil industry.