US lawmaker Raja Krishnamoorthi demands Trump disclose Venezuela oil deal profits
Synopsis
A senior US lawmaker is demanding that Trump reveal who profits from a Venezuela oil deal giving the US a 35% stake in NABEP and control over 65 billion barrels — before taxpayer money is committed. With a Venezuelan businessman facing money laundering allegations at the helm, and a Republican donor reportedly cashing out for $300 million, the transparency questions are pointed and politically loaded.
Key Takeaways
Congressman Raja Krishnamoorthi sent a letter to President Donald Trump on 5 September demanding transparency on the Venezuela oil agreement .
Trump announced the deal on 28 August , claiming US majority control over 65 billion barrels of proven Venezuelan oil reserves.
The agreement reportedly includes a 35 per cent US stake in North American Blue Energy Partners (NABEP) .
NABEP's head, Alejandro Betancourt , has reportedly faced money laundering investigations in Switzerland, Spain, and the US.
Republican donor Harry Sargeant III reportedly sold his minority stake in NABEP to an unidentified buyer for $300 million .
Krishnamoorthi has set a response deadline of 14 September , after which committee-level action may follow.
Indian American Congressman Raja Krishnamoorthi has formally demanded that President Donald Trump disclose whether he, members of his family, political allies, or major donors stand to financially benefit from his administration's Venezuela oil agreement — before the United States commits substantial taxpayer resources to the deal. The demand was made in a letter sent to Trump on 5 September, with a response deadline of 14 September.
What the Venezuela Oil Agreement Entails
Trump announced the agreement on 28 August, claiming it would give the United States 'majority US control of more than 65 billion barrels of proven oil reserves' in Venezuela. According to Krishnamoorthi's office, the White House described the deal as including a 35 per cent US stake in the corporate parent of North American Blue Energy Partners (NABEP), along with preferential rights to purchase a portion of its oil output.
Krishnamoorthi, a Democrat from Illinois and senior member of both the House Oversight and Government Reform Committee and the House Intelligence Committee, said the limited public information surrounding the deal raised serious questions about its beneficiaries and the scope of US government involvement.
Concerns Over Conflict of Interest
'Given the limited information your Administration has made public, conflicting statements from Venezuela's acting President, and questions of the legality of the agreement, I have serious concerns, including whether you, members of your family, your political allies, or major donors stand to financially benefit from this arrangement,' Krishnamoorthi wrote in his letter to Trump.
He added: 'I urge you to provide greater transparency regarding this deal before the United States commits substantial capital to Venezuela's energy sector.'
The Congressman also raised concerns about Alejandro Betancourt, a Venezuelan businessman who leads NABEP. According to Krishnamoorthi's office, Betancourt has faced investigations in Switzerland, Spain, and the United States involving alleged money laundering, and had been identified as a conspirator in a Miami criminal complaint involving funds from Venezuela's state-owned oil company PDVSA. The release also noted that Rudy Giuliani, who served as Trump's personal lawyer at the time, had reportedly represented Betancourt in discussions with Justice Department officials.
Republican Donor's Reported Role
Krishnamoorthi further flagged the involvement of oil businessman Harry Sargeant III, described as a Republican donor with longstanding connections to Trump who reportedly advised the administration on Venezuela policy. According to the release, Sargeant agreed last month to sell the company through which he held a minority stake in NABEP to an unidentified buyer for $300 million.
'The public requires meaningful transparency when government decisions have the potential to create substantial financial benefits for individuals with close connections to the President,' Krishnamoorthi wrote.
What Krishnamoorthi Is Asking For
The Congressman's letter seeks answers to several pointed questions: whether Trump, members of his immediate family, or entities in which they hold financial interests have stakes in any business involved in the Venezuela agreement; whether current or former administration officials, campaign officials, major political donors, or business associates have interests in participating entities; and what US government agencies, funds, or taxpayer-backed financing mechanisms would be used to support the deal.
He also asked what ethics reviews, conflict-of-interest analyses, recusals, or safeguards had been undertaken to prevent improper financial benefits to Trump, his family, allies, or business associates. Whether the administration responds by the 14 September deadline is expected to determine the Congressman's next steps, including potential committee-level action.
Point of View
But for what it implies: that the Venezuela oil deal may be less about energy strategy and more about insider enrichment. The involvement of a NABEP chief facing money laundering allegations in three jurisdictions, combined with a Republican donor reportedly exiting his stake for $300 million, makes the conflict-of-interest case hard to dismiss as partisan posturing. The administration's silence on the deal's structure — and its refusal so far to name the US financing mechanisms involved — only deepens the opacity. If Congress does not receive a credible response by 14 September, the Oversight Committee has both the mandate and the membership to escalate this into a formal inquiry.
NationPress
5 Sept 2026
Frequently Asked Questions
What is the US-Venezuela oil agreement that Congressman Krishnamoorthi is questioning?
It is a deal announced by President Trump on 28 August, which he said would give the United States majority control over more than 65 billion barrels of proven Venezuelan oil reserves. The White House described it as including a 35 per cent US stake in North American Blue Energy Partners (NABEP) and preferential rights to purchase some of its oil output.
Why is Congressman Raja Krishnamoorthi concerned about the Venezuela oil deal?
Krishnamoorthi has raised concerns about potential conflicts of interest, citing limited public disclosures, conflicting statements from Venezuela's acting President, and questions about the deal's legality. He specifically wants to know whether Trump, his family, political allies, or major donors stand to financially benefit from the arrangement.
Who is Alejandro Betancourt and why does he matter in this context?
Alejandro Betancourt is a Venezuelan businessman who leads NABEP, the company at the centre of the Venezuela oil deal. According to Krishnamoorthi's office, Betancourt has reportedly faced money laundering investigations in Switzerland, Spain, and the United States, and was identified as a conspirator in a Miami criminal complaint involving funds from Venezuela's state-owned oil company PDVSA.
What is Harry Sargeant III's connection to the Venezuela deal?
Harry Sargeant III is described as a Republican donor with longstanding ties to Trump who reportedly advised the administration on Venezuela. He reportedly sold the company through which he held a minority stake in NABEP to an unidentified buyer for $300 million last month.
What has Krishnamoorthi asked Trump to disclose, and by when?
Krishnamoorthi has asked Trump to disclose by 14 September whether the president, his family, administration officials, campaign donors, or business associates hold financial interests in entities involved in the Venezuela agreement. He has also sought details on what taxpayer-backed resources would finance the deal and what ethics or conflict-of-interest reviews have been conducted.
