Betancourt family keeps NABEP control in oil deal

The family of Alejandro Betancourt remains the majority shareholder of North American Blue Energy Partners, the company overseeing a multibillion-dollar US-Venezuela oil agreement, NABEP told AFP on Wednesday.

The United States is taking a 35 percent stake in NABEP under the pact with the interim government in Caracas. According to a White House report, Washington holds veto power over NABEP's board of directors, whose majority must be US citizens.

NABEP is Venezuela's second-largest private oil company. Under the agreement announced last month, it will operate 100-year concessions for 17 oil fields with proven reserves of about 65 billion barrels.

Betancourt's role in the deal has drawn attention in Venezuela. He amassed wealth under the governments of Hugo Chavez and Nicolas Maduro and has faced legal scrutiny abroad. There is an open money-laundering and tax-fraud case against him in Spain, while Switzerland has opened criminal proceedings against him for money laundering.

US Energy Secretary Chris Wright defended NABEP's record in Venezuelan oil production. NABEP said it was selected by the US government because of its expertise and operational success in the country.

The company says it produces more than 200,000 barrels of oil per day. It said that puts it second behind Chevron, which it said produces between 230,000 and 250,000 barrels per day.

Interim leader Delcy Rodriguez has insisted that Venezuelan sovereignty will remain intact despite the control granted to Washington by the deal.