In New York today, September 23, 2026, Argentina and the United States announced a financing package designed to funnel billions into private energy and mineral projects, primarily backing the Argentina LNG gas export venture. This agreement, presented by Argentine Foreign Minister Pablo Quirno and US Deputy Secretary of State Christopher Landau, solidifies a framework for capital accumulation through resource extraction. The package relies heavily on US export credit and private investors, conspicuously avoiding direct sovereign lending to the Argentine state.
Billions for Private Capital
The US Export-Import Bank (EXIM) plans to commit up to US$7 billion for Argentine minerals and energy projects. An additional US$6 billion is specifically tied to the Argentina LNG export project, a joint venture between Argentina's YPF, Italy’s Eni, and the Emirati firm XRG. These figures, according to reports, represent distinct allocations, not competing estimates. The financing structure also involves the US International Development Finance Corporation (DFC), alongside various loans, guarantees, and insurance mechanisms, all designed to de-risk investments for private capital.
The Argentina LNG project itself is a massive undertaking, with partners YPF (36 percent), Eni (32 percent), and XRG (32 percent) applying under Argentina’s incentive regime for large investments (RIGI). This regime provides the legal and financial scaffolding for capital to operate with maximum profitability. The project is projected to cost approximately US$51 billion over its operational life, with about US$29 billion slated for expenditure before 2031. YPF chief executive Horacio Marín confirmed on September 18, just 5 days ago, that the company was deep in talks with export credit agencies across Europe, Asia, and the United States, signaling the global reach of this capital offensive.
Argentina's Resources for Export
The core of this venture is the extraction of gas from Vaca Muerta, the vast shale formation located in Neuquén province. This collective resource, once part of the national patrimony, is now slated for export, processed through two floating liquefaction units in the San Matías Gulf, off Río Negro province. These units are designed for a combined capacity of about 12 million tonnes a year, with potential expansion to 18 million. The entire infrastructure is geared towards moving Argentine resources onto the global market for the profit of the consortium partners and their financial backers.
The State's Role in Extraction
The state apparatus, both Argentine and American, plays a crucial role in facilitating this transfer of wealth. The US, through its Deputy Secretary of State and financial institutions like EXIM and DFC, acts as an imperial garrison, securing access to resources and markets for transnational corporations. Argentina’s Foreign Minister, meanwhile, champions the deal, even as its Congress has yet to ratify a reciprocal trade and investment agreement signed with Washington in February of the same year. Ambassador Jamieson Greer signed for the United States on that earlier agreement. Argentine officials admit they currently lack the votes for ratification, a minor internal friction against the larger tide of capital accumulation. The final signed amount of the current financing package, and the precise split between EXIM, DFC, and private lenders, remains undisclosed, with no drawdown schedule published, obscuring the exact mechanics of this wealth transfer from public view.