ARGENTINA · ENERGY
Key Facts
- The company YPF is Argentina’s state-controlled oil company, also listed in New York under the ticker YPF.
- What happened On Thursday 5 November 2026, YPF’s chief said 27 of 28 partner contracts are agreed.
- The stakes Argentina LNG is a project of about US$51 billion to export liquefied natural gas.
- What is next The final investment decision is due between 26 and 30 November 2026.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 60.2 points (November 2026 edition).
What YPF calls the biggest private investment in Argentine history is one contract away from its last big paperwork hurdle. YPF chief executive Horacio Marín said on Thursday 5 November 2026 that the company has agreed 27 of the 28 contracts it needs and hopes to close the final one next week.
For US readers, the project matters because it would turn Argentina into a large exporter of liquefied natural gas (LNG, gas chilled into a liquid so ships can carry it). It also has a US link, since the project’s website lists a financing proposal of up to US$6 billion from the US Export-Import Bank, the American government’s export credit agency.
What Happened
Marín spoke by video link from Abu Dhabi, where he joined a panel at ADIPEC, a large energy industry fair. The event in Buenos Aires was organised by the city’s bar association, and he said he would then continue to New York to meet investors.
He described the remaining work as a set of very long contracts among the partners, “a thousand pages for sure” in his words. Part of his team is travelling to London to negotiate the last one, which completes the structure of the joint company that will run the project.
The Project in Plain English
Argentina LNG is led by YPF with two partners, Eni, the Italian energy group, and XRG, the international investment arm of Abu Dhabi’s state oil company ADNOC. Gas would come mainly from Vaca Muerta, a giant shale formation in Neuquén province, and travel by pipeline to the coast of Río Negro province.
There, floating liquefaction ships would cool the gas and load it onto tankers. The first stage plans two such units with a combined capacity of about 12 million tonnes of LNG a year, and the project is meant to start operating in 2031.
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The Money and the Calendar
The full plan foresees about US$51 billion of investment in production, pipelines, treatment and export facilities, according to the project’s filing for Argentina’s investment incentive regime, known by its Spanish initials RIGI. Investment through 2031, when the two floating units are due to start, is put at about US$29 billion.
He has said he is working to sign the final investment decision (FID), the formal green light for spending, on Thursday 26 November 2026 in Argentina. The company now speaks of a window from 26 to 30 November, and he has earlier said works could start in February 2027.
What It Means for You
If you hold YPF shares or American depositary receipts (ADRs, US-traded certificates for foreign shares), the FID is the next big company-specific event to watch. A signed decision would lock in years of heavy spending, while a delay would show that the partners still disagree on terms.
For the wider market, a new supplier of LNG would add gas to a global market that US exporters also serve. The project estimates it could earn about US$12 billion a year in exports once it runs at full scale.
What Is Not Known
It is not known whether the last contract will close next week, and the company has not published the text of any of the 27 agreements. The final investment decision date is also still a target, not a fixed date.
The size of the US financing that will actually be drawn is not settled, because the US$6 billion is a proposal and not a payment. Argentina’s country risk premium, the extra yield investors demand on its debt, could still raise the cost of borrowing for the partners.
More: Argentina news in English, every day from The Rio Times. Earlier: YPF’s shale plan and incentives and US financing for Argentine energy.
Frequently Asked Questions
What Is Argentina LNG?
It is a plan by YPF, Eni and XRG to export liquefied natural gas from the Vaca Muerta shale. The full investment is put at about US$51 billion, with operations planned for 2031.
When Is the Final Investment Decision?
YPF is working to sign it on Thursday 26 November 2026, within a window of 26 to 30 November. The date depends on closing the last partner contract.
Does the United States Play a Role?
The project’s website lists a financing proposal of up to US$6 billion from the US Export-Import Bank. It is a proposal, not yet money paid out.
Sources: YPF, Argentina LNG project website (RIGI application, US EXIM financing proposal, joint development agreement with Eni and XRG); statements by YPF chief executive Horacio Marín, Buenos Aires City Bar Association conference, 5 November 2026; YPF S.A., company information.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error