The truth behind Donald Trump’s ‘biggest oil deal in world history’
Summary
President Donald Trump announced a major deal involving U.S. ownership in a Venezuelan oil company after U.S. forces captured Venezuelan president Nicolás Maduro. However, experts say the deal faces serious legal and practical problems and is unlikely to succeed.Key Facts
- In January, U.S. forces captured Venezuelan president Nicolás Maduro and installed Delcy Rodríguez as a replacement.
- President Trump claimed the U.S. would gain significant Venezuelan oil through the deal with North American Blue Energy Partners (Nabep).
- The Pentagon’s office of strategic capital is said to own about one-third of Nabep.
- Venezuelan law limits oil development deals to 25 years, not 100 years as Trump suggested.
- The office of strategic capital is not legally authorized to own shares in companies.
- Experts doubt the deal will bring new money to Venezuela’s oil industry or help refill the U.S. Strategic Petroleum Reserve.
- Alejandro Betancourt López, a Venezuelan businessman with various international connections and investigations into corruption allegations, is a key partner in Nabep.
- Former U.S. officials and experts are skeptical the deal will work and compare it to other failed promises.
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