The Kobeissi Letter
@KobeissiLetter
BREAKING: The White House publishes the details of the US-Venezuela oil deal and announces that Venezuela has granted North American Blue Energy Partners 100-year concessions for 17 oil fields.
Details include:
1. The 17 fields contain ~65 billion barrels of proven oil reserves
2. The US government receives a 35% equity stake in NABEP’s parent company at “zero cost to taxpayers”
3. The US receives the right to purchase 20% of all current and future production at production cost
4. The US also receives the right of first refusal to purchase the remaining 80% of production
5. The US government receives veto power over board appointments, while a majority of NABEP’s board must be US citizens
6. NABEP plans to invest up to $100 billion into Venezuelan oil infrastructure to rapidly increase production
7. Venezuela is expected to receive ~$200 billion in royalty and tax payments over the first 25 years
The White House is calling this the “biggest oil deal in world history.”