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White House Collaborates on Venezuela Oil Deal
The White House announced a deal with North American Blue Energy Partners that grants the Pentagon a 35% stake in a new company managing Venezuela’s oil reserves, which include 17 fields with about 65 billion barrels. The deal involves a $100 billion investment to develop oil infrastructure, with the U.S. holding veto power and a guarantee to purchase 20% of output at cost. This move aims to boost energy production in Venezuela following the arrest of President Nicolás Maduro.
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