YPF sells stake in Argentina’s largest natural gas distributor to electricity firm
Edenor bought 70% of Metrogas as the majority state-owned energy company chooses to focus on oil and gas production in Vaca Muerta La entrada YPF sells stake in Argentina’s largest natural gas distributor to electricity firm se publicó primero en Buenos Aires Herald .
State-owned oil and gas company YPF has sold its stake in Metrogas, Argentina's largest natural gas distribution company, to electricity distributor Edenor. Edenor, controlled by businessmen José Luis Manzano, Daniel Vila, and Mauricio Filiberti, will also acquire YPF's stake in Metroenergía, a large-scale natural gas supplier, for US$780 million.
This sale signifies YPF's exit from Metrogas as it shifts its focus towards oil and gas production in the Vaca Muerta shale formation in Neuquén province. Metrogas, established in 1992, distributes natural gas to over 2 million households in Buenos Aires City and its outskirts, accounting for approximately 19% of Argentina's natural gas market.
YPF owned 70% of Metrogas' share capital and 5% of Metroenergía's. The transaction, approved by YPF's board of directors, requires Edenor to meet specific conditions, such as obtaining regulatory approvals and fulfilling performance guarantees. The sale is part of YPF's strategy to streamline its asset portfolio and concentrate on unconventional oil and gas development, aiming to become a global energy company.
Written by urgent.news from Buenos Aires Herald's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
