Malaysia's Petronas, YPF Expands Strategic Alliance For Growth Opportunities In Argentina

KUALA LUMPUR, Sept 2 (Bernama) -- Petroliam Nasional Bhd (Petronas) has expanded its strategic alliance with Argentina’s largest integrated oil and gas company, YPF, to collaborate on an integrated liquefied natural gas (LNG) project and other areas, including upstream oil, petrochemicals and clean energy solutions in Argentina. To this end, Malaysia’s national oil and gas company had signed a memorandum of understanding with YPF, and YPF and Petronas’ operating entity in Argentina, Petronas E&P Argentina S.A. had also executed a Joint Study and Development Agreement (JSDA) towards the study and potential development of the Argentina Integrated LNG project. The JSDA encompasses dedicated upstream gas production, dedicated pipeline and infrastructure development, LNG production as well as marketing and shipping, the national oil firm said in a statement Thursday. It added that the final investment decision for the projects will be undertaken after a diligent technical and commercial assessment has been conducted, backed by conducive fiscal terms, legislation and policies. Petronas president/ group chief executive officer Tengku Muhammad Taufik Tengku Aziz said the group is focused on expanding and diversifying its integrated opportunities to capture key markets. “Petronas’ expertise in integrated LNG and unconventional plays will add value to the intent and synergy of both parties in further exploring potential LNG opportunities in Argentina, leveraging Vaca Muerta’s vast unconventional gas resources,” he added. Petronas’ strategic alliance with YPF began in 2014 through its partnership in the La Amarga Chica project, Vaca Muerta, as part of its growth aspiration in the Americas. -- BERNAMA