Argentina’s state-run oil company YPF signed an agreement on Friday with the Italian energy giant ENI to export liquefied natural gas (LNG).
The deal was sealed during President Javier Milei’s official visit to Rome to meet Italian Prime Minister Giorgia Meloni, according to Argentina’s presidency.
The Italian capital is the first stop on Milei’s 10-day tour of Europe and the Middle East, which will also include Spain, France and Israel.
The deal foresees “exports worth over US$100 billion for Argentina over the next 20 years,” the government said in a statement, hailing YPF’s announcement.
In its statement, ENI said the deal “defines the necessary steps to reach a final investment decision” on the project, which involves “the production, treatment, transportation and liquefaction of gas through floating units, with a total capacity of 12 million tonnes of LNG per year.”
In April, YPF and ENI had already signed a memorandum of understanding to explore cooperation on the Argentina LNG project.
According to the company, the project “will gradually export up to 30 million tonnes of LNG annually by 2030.” It also hopes to fully tap into the vast gas reserves of Vaca Muerta, one of the world’s largest unconventional hydrocarbon deposits, which spans around 30,000 square kilometres across four provinces in central-southern Argentina.
Italy, like other European countries, has sought new energy suppliers around the world due to the war between Russia and Ukraine.
Before the conflict, Russia supplied nearly 40 percent of Italy’s gas needs, mostly via pipelines running through Ukraine, according to a study by the Brookings Institution think tank.
But European countries have imposed a series of sanctions on Russian companies and are weighing further retaliatory measures that could impact the country’s vital energy sector.
Before his meeting with Meloni, Milei attended the signing of the agreement between YPF and ENI. Later that evening, the two leaders shared a working dinner at Rome’s historic Palazzo Chigi, where they discussed the energy deal and other bilateral priorities.
Milei and Meloni
Milei arrived at Italy’s government headquarters shortly after 6pm local time and was greeted by Meloni – one of the leaders he has met most frequently since taking office. Friday marked his fifth trip to Italy as President.
The pair appeared at ease, exchanging warm greetings and walking together along a red carpet at the entrance to Palazzo Chigi.
During their meeting on Friday, Milei and Meloni confirmed the adoption of an “Italy-Argentina Action Plan 2025-2030,” a pact aimed at “deepening bilateral cooperation,” the Foreign Ministry in Buenos Aires said in a statement.
The plan outlines cooperation in areas such as political dialogue, economic and trade relations, and defence and security, among others. Its implementation “will be coordinated by the respective foreign ministers through regular meetings,” the statement added.
Meeting with the Pope
Milei is due to meet Pope Leo XIV at the Vatican on Saturday, making him the first Latin American head of state to be received by the pontiff in the Vatican Library.
He will be accompanied by his sister, Presidential Chief-of-Staff Karina Milei, Foreign Minister Gerardo Werthein and Presidential Spokesperson Manuel Adorni.
The President will then travel to Spain, where he is expected to attend the closing session of the Madrid Economic Forum. From there, he will head to France for a bilateral meeting with President Emmanuel Macron in Nice on the sidelines of a UN conference on oceans.
His visit to Israel will begin on Tuesday with meetings with President Isaac Herzog and Prime Minister Benjamin Netanyahu, followed by visits to the Wailing Wall, the Church of the Holy Sepulchre and a memorial event for victims of the October 7 Hamas attack.
He is also scheduled to address the Knesset, Israel’s parliament, and receive the Genesis Prize – an award often dubbed the “Jewish Nobel.”
Milei will be the first non-Jew to receive it.
On Thursday, he will sign a Memorandum of Understanding “for democracy and freedom” with Herzog and may announce a new direct flight between Buenos Aires and Tel Aviv.
Milei will return to Spain on Friday to be honoured at another prizegiving and attend a meeting with business leaders at Argentina’s Embassy on Saturday.
– TIMES/AFP/NA
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