BAKU, Azerbaijan, June 7. Eni and Argentina’s state-controlled energy company YPF have signed an agreement to advance the Argentina LNG (ARGLNG) project, marking a key step toward a final investment decision, Trend reports.
The signing took place during a meeting between Argentine President Javier Milei and Italian Prime Minister Giorgia Meloni.
The agreement outlines the necessary steps for developing the first phase of the project, which includes gas production, treatment, transportation, and liquefaction through floating LNG units. The planned capacity for this phase is 12 million tons of LNG per year.
The ARGLNG project is a large-scale, integrated gas development initiative aimed at leveraging the resources of the onshore Vaca Muerta formation to supply international markets. The project is expected to scale up over time to export as much as 30 million tons of LNG annually by 2030.
Eni was selected as a strategic partner due to its experience in floating LNG (FLNG) projects in Congo and Mozambique, as well as its capacity to deliver complex energy infrastructure projects on schedule.
The agreement builds on a Memorandum of Understanding signed on April 14, 2025, and represents progress in line with Eni’s strategy to expand natural gas production as part of its broader energy transition goals. The company aims to achieve carbon neutrality by 2050 while supporting global energy security and supply diversification.