Regionally backed players are emerging as interested partners in business windows arising from the US’ aggressive push to control and police its hemisphere of influence — specifically its bid to take over Venezuela’s oil sector and the Denmark-affiliated Greenland territories.

The pitch for Greenland’s rare earths

A Saudi-US joint venture is making a pitch to process Greenland’s rare earths in the Kingdom and ship 100% of the products to the US. New York-listed Critical Metals Corp. (CRML) and Tariq Abdel Hadi Abdullah Al Qahtani & Brothers Company (TQB) signed a term sheet to build a USD 1.5 bn rare earth processing facility in Saudi Arabia, according to a statement. If cleared, the initial phase of the project is expected to cost around USD 290 mn, with production targeted to start next year.

From Greenland to the US via Saudi Arabia: The facility will process ore from CRML’s Tanbreez mine in Greenland (the latest target of US interest). The JV expects to handle 25% of the mine’s output, producing separated oxides and magnet-grade materials.

The kicker? All output is pre-sold to US customers, specifically for defense and industrial purposes, creating a pipeline for US defense with Saudi in the middle.

Why it matters: Saudi is emerging as the safe third party in the US-China mineral war. By processing Greenlandic ore in Saudi Arabia for US defense contractors, this facility bypasses China entirely. It validates the thesis that the Kingdom can monetize geopolitical tension by serving as a safe harbor for Western allies. Beyond this single agreement, the Kingdom signed MoUs with Canada, Chile, and Brazil, locking in the Western-standard technical know-how required to make this pivot sustainable.

How it works for the operators: TQB and CRML share the JV 50/50, but CRML retains its stake on a “carried-interest basis,” meaning no immediate CapEx obligation for the US firm. Meanwhile, a jointly governed development committee will oversee engineering, construction, commissioning, and market entry.

The play for Venezuelan oil and gas

Adnoc is considering a potential entry into Venezuela’s oil market through a partnership with another international energy firm, though any move would depend on clear law-related and financial structures for investments in the country and coordination with the US, Bloomberg reports, citing sources with knowledge of the matter.

This could be a big victory for US President Donald Trump, who has been lobbying US oil firms to invest in Venezuela, though several have been skeptical due to the hefty costs that would come with rebuilding its gas industry.

Adnoc would make the push through its international investment arm XRG, which is also currently mulling participation in a liquefied natural gas project in Argentina, as it looks to secure a top-five global position in gas and petrochemicals.

The context: This comes as Venezuela’s interim President Delcy Rodriguez looks to submit a proposal to reform the country’s hydrocarbon law to allow investment in new fields, Reuters reports.

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