The president of the board of directors of the oil company controlled by the Argentine State, YPF (BA: YPFD ), Pablo González, announced this Thursday an investment of 10,000 million dollars in a project to industrialize gas, in alliance with the Malaysian oil company Petronas.
“We have been working on the LNG (liquefied natural gas) project for two years,” González explained. “It determines an important investment. The first stage is almost 10,000 million dollars. Think that you have to invest in production, invest in a special gas pipeline and build a port.”
González, in an event organized by the newspaper Clarín, anticipated the announcement that will be made later of the strategic alliance between YPF and Petronas for the industrialization of non-conventional gas in an act that will be headed by the Argentine president, Alberto Fernández.
“We are going to score a goal,” González enthused.
“We are very happy to be able to ratify the decision with Petronas”, noting that one of the world’s most important companies in the hydrocarbon field, with activity in 50 countries, and the third largest producer of LNG, with a presence in 17 countries, “is trusting in Argentina”.
Argentina has the large Vaca Muerta field, which is the second in unconventional gas in the world and the fourth in unconventional oil .
However, González pointed out the difficulty of planning an investment in Argentina because “it is producing more energy than it can transport.”