US to Acquire Passive 35% Stake in Venezuelan Oil Venture
The US plans a 35% passive stake in a Venezuelan businessman's oil venture, with rights to buy 20% of output at cost.
The United States government is reportedly planning to acquire a 35% passive stake in North American Blue Energy Partners, a venture associated with Venezuelan businessman Alejandro Betancourt. The arrangement, as reported, would also grant Washington preferential rights to purchase 20% of the company's production at cost.
The investment is said to be structured through penny warrants by the Pentagon's Office of Strategic Capital (OSC), a mechanism that would provide the US with equity ownership without requiring significant upfront capital expenditure.
This development follows President Donald Trump's announcement on Friday that the US would take control of a fifth of Venezuela's vast oil reserves. Trump indicated that Washington had secured majority control of over 65 billion barrels of proven reserves through a partnership with private business, though he offered few specifics.
In response to queries, chief Pentagon spokesperson Sean Parnell stated that the OSC does not take equity stakes in private companies, clarifying that its statutory role is limited to providing capital assistance via loans, loan guarantees, or technical assistance. The White House and North American Blue Energy Partners did not respond to requests for comment outside regular business hours.