Democrats press administration for details of Pentagon stake in Venezuelan oil firm NABEP

Centre · 1Senior House Democrats led by Rep. Gregory Meeks of New York sent a joint letter to Secretary of State Marco Rubio and Defense Secretary Pete Hegseth. They asked for full details of an agreement giving the US a significant stake in a private Venezuelan oil firm, North American Blue Energy Partners (NABEP). 1 Centre · 1The letter called the deal "a remarkable imitation of Maduro regime’s economic playbook". The lawmakers said bipartisan members had sought answers at a classified committee briefing on Sept. 14 without success, and they now demand the complete underlying contract. 1 Right · 1Separately, four Senate Democrats (Jeanne Shaheen, Jack Reed, Martin Heinrich and Elizabeth Warren) wrote to Rubio, War Secretary Hegseth and Energy Secretary Chris Wright. They challenged the legality and prudence of the deal and asked for the agreement itself, details of how State would pay for oil, and information on the vetting of NABEP and its leadership. 2

Right · 1Under the arrangement as Fox News describes it, the Pentagon's Office of Strategic Capital would get rights to a 35% stake in NABEP through "penny warrants". The State Department would get preferential rights to buy 20% of the company's production at cost, plus a right of first refusal on the rest. 2 Right · 1The senators argue that the statute behind the Office of Strategic Capital authorises loans and loan guarantees but does not explicitly allow equity stakes in private foreign companies. They also raised past money-laundering investigations involving NABEP chairman Alejandro Betancourt. Betancourt has not been charged, and Rubio has said he is not under active US investigation. 2 Right · 1The administration says the structure could produce substantial returns without taxpayers buying the stake up front. The White House says the 35% position could ultimately be worth hundreds of billions of dollars. It also says the deal could help replenish the Strategic Petroleum Reserve and cut the influence of China, Russia and other adversaries in Venezuela's energy sector. 2

Mixed · 2Anadolu Agency says the energy pact was announced in late August between the Trump administration and Delcy Rodriguez's interim government. It covers 17 oil fields with about 65 billion barrels of proven reserves. Fox News says NABEP produces roughly 220,000 barrels a day and plans to reach 500,000 by late 2028. 1 2 Right · 1A Senate Foreign Relations Committee briefing on the agreement, planned for Oct. 1, was postponed so senators could leave for the fall recess. The State Department accused the Democrats of "grandstanding", saying they had known for weeks that a briefing and documents were coming. State Department spokesperson Dylan Johnson said the Democrats cancelled so they could "skip town and go on vacation". The department said it delivered copies of the agreement to the committee anyway "as a courtesy". 2 Right · 1A congressional source disputed State's account. The source said lawmakers had not been told the written agreement would be provided before they wrote the letter, and that the briefing was meant as a broader update on Venezuela policy. Emails reviewed by Fox News show the postponement request came from a Republican majority staffer on the committee, who asked to move the briefing to November. State said the staffer was acting for the full committee. 2

Mixed · 2The deal sits within a wider US effort after US forces captured Nicolás Maduro on Jan. 3. Delcy Rodríguez, Maduro's former vice president, remains interim leader while cooperating with Washington. Anadolu says the House lawmakers described her as unelected. 2 1