JPMorgan & Santander Lead $15B Financing for Argentina’s LNG Megaproject
In a significant energy financing deal of the year, JPMorgan Chase and Banco Santander are at the forefront of a financing package worth up to $15 billion. This package is aimed at the landmark Argentina LNG project, a massive initiative to liquefy and export Argentina’s extensive shale gas reserves to global markets.
As reported by Bloomberg on August 24, 2026, these two banking giants are orchestrating an arrangement of approximately $14 to $15 billion for the project. The total estimated cost of the project is around $24 billion. Partners in the deal are currently in discussions with additional lenders, including export credit agencies, to finalize the full financing stack.
The Argentina LNG project is a joint venture led by Argentina’s state-run energy company YPF, along with Italy’s Eni SpA and Abu Dhabi’s energy investment firm XRG. These three entities hold roughly equal equity stakes. The project plans for an offshore LNG terminal on Argentina’s Atlantic coast with a production capacity of 12 million tons per year. This would make it one of the largest floating LNG facilities globally.
The partners aim to reach a final investment decision by the end of November 2026, with construction planned through 2030. The project is expected to generate nearly $10 billion in annual exports over two decades and create up to 40,000 jobs at its construction peak. Notably, the project’s total price tag significantly surpasses Argentina’s $20 billion IMF agreement in scale.
Source: Bloomberg – JPMorgan, Santander Lead Financing of up to $15 Billion for Argentina LNG Project