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Argentina's YPF signs deal with Indian firms to export LNG

Argentina's staterun oil business YPF signed a memorandum of understanding with three Indian companies to possibly export up to 10 million metric lots of liquefied gas (LNG) annually, the company stated on Tuesday.

YPF Chief Executive Horacio Marin inked the deal in New Delhi with executives from Oil and Natural Gas Corporation ( OIL), Gas Authority of India Limited (GAIL) and Oil and Natural Gas Corporation Videsh Limited.

The contract likewise covers cooperation in lithium, important minerals, and hydrocarbon exploration and production, YPF stated in a declaration.

We are persuaded that the nation has an opportunity to end up being an energy exporter and achieve the objective sought by the whole market to create profits of $30 billion over the next ten years, Marin said.

The executive has likewise gone to Israel, South Korea and Japan to seek buyers for LNG from Vaca Muerta, the world's. second-largest shale gas reserve.

Reuters reported in December, pointing out a business source, that. Marin was set to take a trip to India this month to sign the. preliminary LNG export offer.

(source: Reuters)