YPF-Led Consortium Secures $2 Billion for Vaca Muerta Export Pipeline

A consortium of eight oil companies operating under VMOS S.A., led by state-controlled YPF, secured a syndicated loan of US$2 billion to finance construction of the Vaca Muerta Oleoducto Sur pipeline, the firms said on 8 July. Citi, Deutsche Bank, Itaú, JP Morgan and Santander arranged the facility, which carries a five-year tenor at SOFR plus 5.5% and involves a total of 14 international lenders. The financing will cover about 70% of the capital required for the 437-kilometre line connecting Allen in the Neuquén basin to an export terminal at Punta Colorada on Argentina’s Atlantic coast. Remaining funds will be provided by the project’s shareholders: YPF, Pluspetrol, Pan American Energy, Pampa Energía, Vista Energy, Chevron Argentina, Shell Argentina and Tecpetrol. VMOS expects the pipeline to begin operating by end-2026 with an initial capacity of 180,000 barrels per day, ramping up to 550,000 bpd in 2027. The project is intended to ease transport bottlenecks at the Vaca Muerta shale formation and unlock crude exports, positioning Argentina as a larger energy supplier while marking the country’s largest private-sector infrastructure financing and its first major international project-finance deal since 2019.