YPF Closes In on $24-Billion LNG Deals Amid Global Market Upheaval
Argentina's state-run YPF SA is close to finalizing several liquefied natural gas (LNG) sales contracts for its proposed $24-billion export plant, according to CEO Horacio Marìn. The deals would secure 0.5 million to 1.5 million tons of LNG per year from the Argentina LNG project, which includes YPF, Italy's Eni SpA, and Abu Dhabi's XRG.
The company aims to sign two to three contracts before making a final investment decision on the project in November. This is a crucial step towards greenlighting the facility, which would be one of the world's largest floating LNG terminals, producing 12 million tons per year.
The global LNG market is currently experiencing disruptions due to the Persian Gulf and Strait of Hormuz crisis, with about a fifth of global supply affected. This has led to increased demand for diversified LNG sources in Asia and elsewhere.