Santander, JPMorgan Lead $1 bn Financing for Argentina's Vaca Muerta Gas Project

Citigroup, Banco Santander and JPMorgan are among lenders working on a roughly $1 billion financing package for Transportadora de Gas del Sur's Vaca Muerta shale development in Argentina. The deal would support the $3 billion NGL Project, which includes new gas‑processing facilities at Tratayen, a 573‑kilometre pipeline to Bahía Blanca on the Atlantic coast, and export terminals. The project is expected to generate about $1.2 billion in annual gas exports once operational. Negotiations are ongoing, and the company plans to seek incentives under President Javier Milei's administration.

The financing package aims to bolster one of the largest private‑sector energy infrastructure investments underway in the country, signalling strong international banking interest in Argentina’s shale resources.