(Source: Shutterstock.com)
Shell (SHEL) and Argentina’s state-run petrochemical firm YPF will develop the South American country’s first LNG export project, the companies said in separate press releases Dec. 19.
The overall project is expected to cost $50 billion. The first phase will result in two floating platforms producing about 10 million metric tons of LNG per year. The companies did not give a projected start-up date. Future phases will include onshore facilities.
Shell said the deal falls under the company’s overall strategy to grow its LNG business.
YPF had originally been working to develop LNG with Malaysian state oil company Petronas, according to YPF’s statement. The deal with Shell ends the South American country’s first partnership.
"We are proud that Shell, a world leader in LNG production, is joining the project," YPF President Horacio Marin said in his company’s statement.
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