Russian natural gas firm Gazprom and Argentinean oil and gas producer YPF have signed a memorandum of cooperation on hydrocarbon deposits.
The deal includes the primary areas of the future bilateral cooperation, including exploration, production and transmission of hydrocarbons in Argentina and third countries.
Gazprom management committee chairman Alexey Miller and YPF chief executive officer Miguel Galuccio signed the agreement in the presence of Vladimir Putin, President of the Russian Federation and Cristina Fernandez de Kirchner, President of the Republic of Argentina.
YPF has a market share of over 43%. The company operates three refineries in the country and a network of more than 1500 service stations.
Gazprom won an international tender in 2013 to deliver 15 LNG cargoes with a total volume of one million tonnes to Argentina between 2014 and 2015.
Gazprom's share in the global and Russian gas reserves makes up 18% and 72%, respectively. The company sells more than half of entire gas produced to Russian consumers and exports gas to over 30 countries within and beyond the former Soviet Union.
The company implements large-scale projects intended at exploiting gas resources of the Yamal Peninsula, Arctic Shelf, Eastern Siberia and the Far East, as well as hydrocarbons exploration and production projects abroad.