Under the MoU, Vitol will be able to acquire up to 100 percent of the project’s production through a long-term offtake agreement, according to a statement by Camuzzi on Monday.

Vitol will also evaluate the possibility of making an equity investment in LNG del Plata alongside Camuzzi, it said.

Camuzzi said that the LNG development, currently owned 100 percent by the company, has access to the natural gas transportation infrastructure from Vaca Muerta shale gas resources in the Neuquen basin.

The project aims to position Argentina as a “competitive and reliable” supplier of liquefied natural gas (LNG) in international markets, leveraging its abundant gas resources.

Once operational, it is expected to reach a nominal capacity of at least 2.4 million metric tons per annum (mtpa), the company said.

Camuzzi previously announced that the expected investment in the project amounts to $3.9 billion over the next 20 years and constitutes the first development of its kind in the Buenos Aires province.

The project’s development is subject to the fulfillment of various conditions, including obtaining the necessary regulatory approvals, Camuzzi said.

“This agreement represents a strategic step in Argentina’s integration into the global LNG market. Through LNG del Plata, we seek to develop competitive infrastructure for the export of liquefied natural gas, generate sustainable value, attract investment, and contribute to energy security at both the local and international levels,” said Alejandro Macfarlane, president of Camuzzi.

Pablo Galante Escobar, head of LNG at Vitol, said that Vitol believes Argentina “will play a significant role in meeting the growing global demand for LNG, thanks to its abundant gas reserves, with the potential to become a diversified and reliable source of supply for our customers.”

“We are excited to work alongside Camuzzi to move this strategic project forward,” he said.

YPF and its partners are working on the Argentina LNG export project, based on the Vaca Muerta resources.

Argentina’s Southern Energy, owned by Pan American Energy, YPF, Pampa Energia, Harbour Energy, and Golar LNG, took a final investment decision on the second floating LNG production unit in August last year.

SESA will install two converted FLNGs owned by Golar LNG in Argentina.

Vitol’s LNG business on the rise

Vitol boosted its LNG volumes by 27.8 percent to 23 million metric tons in 2025.

This compares to approximately 18 million metric tons of LNG in 2024, which also increased from 17 million metric tons in 2023.

During 2025, Vitol expanded its long-term partnerships in the LNG sector with both utilities and national oil and gas companies in the Americas, Asia, and the Middle East, the trader recentčy said.

Overall, Vitol’s energy volumes delivered in 2025 rose to 605 million tonnes of oil equivalent (mTOE), up from 537 mTOE in 2024.

Crude oil and products remain the core of Vitol’s business, and in 2025, the trader delivered an average of 8 mbpd, compared to 7.2 mbpd in 2024.