JPMorgan Chase & Co and Banco Santander SA are leading the financing for Argentina LNG, a landmark project to liquefy and export the country\u2019s shale gas reserves, according to people familiar with the matter.<\/p>\n
The two banks are spearheading an arrangement of around US$14 billion to US$15 billion, the people said, asking not to be identified discussing private negotiations. The partners on the project \u2013\u00a0which is estimated to total US$24 billion \u2013\u00a0continue talks with other lenders, including export credit agencies, to complete the funds, the people said. No final decision has been made, and plans may change, they added.<\/p>\n
Argentina LNG is a venture led by state-run YPF SA with Italy\u2019s Eni SpA and Abu Dhabi\u2019s XRG. The three energy firms hold roughly equal equity stakes. The offshore LNG terminal on Argentina\u2019s Atlantic coast would produce 12 million tons a year, making it one of the biggest so-called floating facilities in the world.<\/p>\n
The partners are aiming to take a final investment decision in late November, said one person.<\/p>\n
JPMorgan didn\u2019t immediately reply to a request for comment. Santander declined to comment. YPF, Eni and XRG declined to comment.\u00a0<\/p>\n
The entire project \u2013\u00a0a package that includes two floating liquefaction vessels, two cross-country pipelines, and a natural gas liquids plant \u2013\u00a0is unprecedented in Argentina with a price tag that surpasses the government\u2019s US$20-billion agreement with the International Monetary Fund.<\/p>\n
Under the free-market reforms of President Javier Milei, project finance has revived Argentina\u2019s energy sector as shale drillers and pipeline companies hunt for funding for build-outs.<\/p>\n
YPF CEO Horacio Mar\u00edn told analysts earlier this month that all of the Argentina LNG documentation has been prepared for potential lenders to perform due diligence. Frontrunners have already been selected to design, supply and build some parts of the project, Mar\u00edn said.<\/p>\n
A few days after YPF\u2019s earnings call, Argentina LNG applied for Milei\u2019s marquee investor initiative known as RIGI.\u00a0<\/p>\n
by Jonathan Gilbert, Bloomberg<\/p>\n
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