TCA Tanoira Cassagne advised the Citibank in connection with the USD 2 billion syndicated loan aimed at financing the construction of the Vaca Muerta Sur project, the largest private infrastructure project in decades.

The project is driven by a consortium of industry leaders: YPF, Pluspetrol, Pan American Energy, Pampa Energía, Vista, Chevron, Shell, Tecpetrol, and GyP, and represents a strategic step toward expanding Argentina’s national energy matrix.

Citibank acted as trustee, and depositary and account management agent.

The transaction not only marks the reopening of the international project finance market for Argentina — which had been closed since 2019 — but also stands as the largest commercial infrastructure loan in the country’s history and one of the five most significant oil & gas deals in Latin America.