Under the MoU, Vitol will be able to acquire up to 100 percent of the project\u2019s production through a long-term offtake agreement, according to a statement by Camuzzi on Monday.<\/p>\n
Vitol will also evaluate the possibility of making an equity investment in LNG del Plata alongside Camuzzi, it said.<\/p>\n
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.<\/p>\n
The project aims to position Argentina as a \u201ccompetitive and reliable\u201d supplier of liquefied natural gas (LNG) in international markets, leveraging its abundant gas resources. <\/p>\n
Once operational, it is expected to reach a nominal capacity of at least 2.4 million metric tons per annum (mtpa), the company said.<\/p>\n
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.<\/p>\n
The project\u2019s development is subject to the fulfillment of various conditions, including obtaining the necessary regulatory approvals, Camuzzi said.<\/p>\n
\u201cThis agreement represents a strategic step in Argentina\u2019s 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,\u201d said Alejandro Macfarlane, president of Camuzzi.<\/p>\n
Pablo Galante Escobar, head of LNG at Vitol, said that Vitol believes Argentina \u201cwill 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.\u201d<\/p>\n
\u201cWe are excited to work alongside Camuzzi to move this strategic project forward,\u201d he said.<\/p>\n
YPF and its partners are working on the Argentina LNG export project, based on the Vaca Muerta resources.<\/p>\n
Argentina\u2019s Southern Energy, owned by Pan American Energy, YPF, Pampa Energia, Harbour Energy, and Golar LNG,\u00a0took a final investment decision<\/a>\u00a0on the second floating LNG production unit in August last year.<\/p>\n SESA will install two converted FLNGs owned by Golar LNG in Argentina.<\/p>\n Vitol\u2019s LNG business on the rise<\/p>\n