JPMorgan, Santander Lead $14-15 Billion Financing for Argentina LNG Project

JPMorgan Chase and Santander are leading the financing for Argentina LNG, a massive project to liquefy and export the country's shale gas reserves. The two banks are spearheading an arrangement of around $14 billion to $15 billion, with other lenders including export credit agencies in talks to complete the funds.

The Argentina LNG project is a venture led by state-run YPF with Italy's Enel and Abu Dhabi's Mubadala, which hold roughly equal equity stakes. The offshore LNG terminal on Argentina's Atlantic coast would produce 12 million tons per year, making it one of the biggest floating facilities in the world.

The project's price tag surpasses the government's $20 billion agreement with the International Monetary Fund. The partners are aiming to take a final investment decision in late November.