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Energy

Petronas and Argentina ink deal for major LNG plant, gas pipeline

Project plans $10bn investment initially, with output of 5m tonnes in 1st year

Malaysia's Petronas and Argentina's YPF say their LNG project will take a decade to complete and will likely produce and export up to 25 million tonnes annually.   © Reuters

BUENOS AIRES (Reuters) -- Argentina's state oil company, YPF, and its Malaysian counterpart, Petronas, inked a deal on Thursday to build a major liquefied natural gas plant and a pipeline to transport the fossil fuel as demand spikes globally.

The preliminary agreement between the two companies was signed at a ceremony in Buenos Aires, with President Alberto Fernandez cheering on the project alongside YPF's top executive, Pablo Gonzalez, and Petronas CEO Tengku Muhammad Taufik.

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