US President Donald Trump has given the Pentagon significant influence over how Venezuela’s oil resources are managed as part of an oil deal reached with Venezuelan interim President Delcy Rodriguez, The Wall Street Journal reported.
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The newspaper, citing people familiar with talks between Washington and Caracas, said Trump and Rodriguez agreed on the broad outlines of the deal during a phone call several days before it was officially announced.
Under the plan, the United States is expected to acquire a 35% stake in North American Blue Energy Partners, with Washington receiving preferential rights to purchase 20% of the company’s output at cost.
The US Department of Defense plans to finance the investment through low-priced tradable bonds in exchange for an equity stake in the company.
A senior delegation from the Pentagon and the State Department visited Venezuela in July to finalize the terms of the agreement.
According to The Wall Street Journal, the Trump administration enlisted Venezuelan businessman Alejandro Betancourt to help negotiate the deal and implement the projects stemming from it, citing his connections within Venezuela.
US officials said the Washington-backed company could become the world’s second-largest company in terms of proven oil reserves, behind Saudi Arabia’s Aramco.
The Trump administration pushed ahead with the plan after concluding that it needed to secure a long-term source of crude oil in the Western Hemisphere amid declining global energy supplies linked to the war with Iran.
Trump also sought a political gain by presenting the Venezuela agreement as a way to shield Americans from the impact of instability in the Middle East ahead of the US congressional midterm elections in November.
