They seek US$ 12.5 billion with JP Morgan

In November 2025, YPF and ENI had announced that XRG expressed preliminary interest in the project for the production of about 12 million metric tons per year (MTPA) of Liquefied Natural Gas (LNG). Three months later, they confirm a Joint Development Agreement (JDA).

Together with YPF and Eni, we’re advancing Argentina LNG – a landmark 12 mtpa LNG project supporting global energy security and long-term export growth. pic.twitter.com/gH1lbXM9j5

— XRG (@XRG_official) February 12, 2026

The binding joint agreement strengthens the company, which continues to take technical and formal steps for its application to join the Large Investment Incentive Regime (RIGI) in the coming months.

The second stage of Argentina LNG – taking into account that the first is that of the consortium Southern Energy (SESA)which already has its final investment decision approved and will begin LNG exports in mid-2027 – anticipates, in addition to gas sales abroad, an integration with oil and natural gas liquids such as ethane, propane, butane and pentane, of great value in the petrochemical industry.

The 12 MTPA of LNG represent exports of about 5,000 million dollars per year and will be produced through gas liquefaction in two ships -Floating Liquefied Natural Gas (FLNG)- that will be installed a few kilometers from the Atlantic coast of Río Negro, each with a capacity of 6 MTPA.

YPF and ENI have been holding talks with Wison New Energies, from China, and Samsung, from South Korea, to design methane tankers to perform these tasks.

With the backs of ENI and XRG, which have the states of Italy and the United Arab Emirates behind them, The company explores multimillion-dollar financing, for about 12.5 billion dollarswith JP Morgan at the head of the search for interested parties.

Exports would begin between 2029 and 2030, when international prices for liquefied gas are expected to begin to rebound, and later another stage could be added with an extra 6 MTPA, to reach 18 million metric tons annually.

“The signing of the JDA represents a new milestone for the project, since it establishes the work plan that will allow the parties to advance to the next stage of development. Within this framework, the partners will carry out the Basic Engineering (Front-End Engineering Design, FEED) and other associated activities, including engineering tasks, technical structuring and the main commercial and financing work fronts,” YPF reported.

Horacio Marinpresident and CEO of the Argentine oil company, said: “This new step marks the formal incorporation of

For his part, Guido Brusco, Chief Operating Officer (COO) of ENI’s Global Natural Resources, commented: “With the signing of the Joint Development Agreement, a new partner –XRG– joins Argentina LNG, which is emerging as one of the most promising opportunities on the global gas scene. The project advances reflecting technological leadership and a long-term strategic vision.”

Finally, Mohamed Al Aryani, President of International Gas at XRG, stated: “The potential of Argentina LNG is significant, and this agreement marks an important milestone in the development of the project. YPF, ENI and