The French already anticipated that they would seek to focus on exports to Chile and Brazil through gas pipelines. The Americans of ExxonMobil They put up a sale sign for their assets some time ago Dead Cow and they wouldn’t be interested either. The Anglo-Dutch admit real interest. and in Chevron They are kept a mysterious secret.
Why did YPF create a new company?
With the company Sur Inversiones Energéticas, the YPF board seeks to protect Liquefied Natural Gas projects. This shielding has two objectives. One is that the progress of the projects does not depend on the mood of the Malaysian oil company. The other is that the value of the state oil company’s shares is as little damaged as possible by these comings and goings.
The creation of a new company reflects the determination of YPF to advance with its strategic plans, ensuring the viability of the LNG.
In addition to attracting new international partners, the company seeks to diversify its financing sources, underscoring the value of Dead Cow as one of the largest reserves of unconventional gas globally, and its potential to transform the economic and energy development of Argentina.
What will be the functions of Sur Inversiones Energéticas?
Some of its functions are the construction and/or contracting of LNG facilities; the construction of transportation infrastructure or contracting of the existing one; natural gas processing and liquefaction; purchase and marketing of LNG; contracting maritime freight under any modality; among others.
“For the development of businesses that are linked to the aforementioned activities, the Company may enter into all types of contracts and carry out financial operations in general, loans, capital contributions to companies and/or financing of any type to legal entities, for the development of businesses carried out or carried out that are linked to the activities listed above, excluding the operations included in the Financial Entities Law and any other that requires public tender. To this end, the Company has full legal capacity to acquire rights, obligations and exercise all those acts that are not prohibited by law or by this statute,” reads the publication in the Official Gazette.
Who are the executives at the head of Sur Inversiones Energéticas?
The president of Sur Inversiones Energéticas is Gabriel Abaloscurrent Project Finance Manager of YPFwhile the vice president, Hernán Polverini, Business Development Manager of the oil company. As principal director he will remain Jose Ricowhile substitutes will be Paola Garbi and Carlos San Juan.
Abalos from Quilm is a public accountant from the UBA, with a postgraduate degree in Corporate Finance. For almost 16 years he participated in the negotiation and financial planning of YPF until he became one of the top managers of the area.
Throughout that time he played a prominent role in the issuance of more than 50 bonds in the US, European and Argentine markets, but he also worked in the execution of project financing, management of the banking relationship, the operations desk and was even the portfolio manager of the YPF Pension Fund of more than US$100 million.
His long experience and career led him to have direct links on behalf of YPF with directors of the NYSE, SEC, BASE and the CNV.
For his knowledge and skill, after 16 years in YPF SA went to YPF Luzwhere he performed the same financial tasks for six more years. “After six years of continuous growth, I have concluded a wonderful stage of my professional career at YPF Luz”he published on his networks when saying goodbye four months ago.
What Gabriel Abalos said when he left YPF Luz to take on the LNG and Vaca Muerta Oleoducto Sur projects
“Back in the beginning, I joined a small group of professionals with the dream of creating a new electric energy company with a different vision, with the objective of having a balance between the efficiency of thermal and renewable generation for a growing demand of the Argentine market, but always under the premise of having sustained profitability that would allow us to meet all the commitments we assumed,” he noted.
And he continued: “After only 6 years that project stopped being one as such to be one of the largest electricity generation companies in the country, c“with a super team of professionals of more than 300 people, with generation of funds close to 400 million dollars and with activity in a large part of the country.”
“As I always told my companions and friends on the road,” he continued, “on this path the most important thing for me is to feel the pride of belonging to a team with the same objective of always doing things correctly despite the obstacles.” that can be presented. And precisely that is the feeling that I always had at YPF Luz”.
When thanking him, he remembered his “Finance/Treasury/Insurance” team for these years of commitment, professional dedication and camaraderie, for those who are still here today and also for those who were there in these years.
Finally, he announced what his new challenges will be within the company. “Today, with the same enthusiasm that I had when I arrived at YPF LuzI return to YPFto join the teams of the incredible and challenging projects of Vaca Muerta Sur and LNGtwo projects that are not only very relevant for the company but for Argentina. Once again, here we go, facing a new professional challenge and convinced that we will get through it by doing it the right way, as always.”
What the YPF ARGLNG project is about
The megaproject is crucial to the energy aspirations of Argentina, which seeks to position itself as a significant exporter of liquefied natural gas. However, according to journalistic versions, Petronas has expressed doubts due to the economic environment under the new administration of Javier Milei.
Although no official decision has yet been made by Petronas, YPF reaffirmed his commitment to the project. Horacio Marín highlighted in the AmCham forum that the company is willing to continue with the development of the projecteven if it is necessary to incorporate new international partners. “There is no need to dramatize,” he said before an eventual departure from Petronas. And he highlighted the global interest that the ARGLNG projectespecially in key markets such as India and Europe. For this reason, a tour begins in the next few days through Italy, Germany, United Kingdom and Hungary.
Horacio Marín YPF
“In this first stage, we are working on engineering. By mid-November we would have the value of detailed engineering for the liquefier ships. For the development of this engineering, it would be necessary to invest about US$200 million. Then, Petronas has the option of whether or not to continue with the project. “We must de-dramatize the situation, these are business decisions.”Marín emphasized.
What Alberto Weretilneck said about a possible departure from Petronas
Alberto Weretilneckgovernor of Río Negro, province where the construction of the plant is planned, expressed his confidence that the project will be carried out, with or without the participation of Petronas.
“We don’t know what could have happened because we don’t have the details. But in any case, as the president of YPF said, there are deadlines to meet, which are well established. In fact, the definitive location is not publicly reported by YPF. There are different processes at different times, but the most important thing is that this moves forward, and YPF said that everything was going to be fulfilled, including the hiring of the project engineering. “There is no need to have any kind of worry,” Weretilneck insisted.
image.png
The liquefaction plant would be located in Punta Coloradanear the town of Sierra Grande, and its development is expected in several stages over the next decade. The total investment will be US$30,000 million. Initially, before having the plant built, liquefaction ships will be used to export Vaca Muerta gas.
This project not only represents a significant economic opportunity for the region, but could also transform Argentina into a key player in the global market for LNG.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
