Mayer Brown advises Chevron on $2 billion syndicated loan financing for oil pipeline project in Argentina

Mayer Brown represented Chevron Argentina S.R.L., an affiliate of Chevron Corporation, in connection with a $2 billion syndicated loan financing for the construction of the Vaca Muerta Sur oil pipeline project in Argentina, driven by VMOS S.A. (“VMOS”), a special-purpose midstream pipeline company, and its participating shareholders YPF, Pluspetrol, Pan American Energy, Pampa Energía, Vista, Chevron, Shell, Tecpetrol and GyP.

The financing was led by five top-tier international banks: Citi, Deutsche Bank, Itaú, JP Morgan and Santander, and includes the participation of 14 leading international banks and institutional investors. The landmark transaction will fund the development of critical midstream infrastructure that will enable large-scale oil exports from Argentina’s Vaca Muerta shale formation—one of the world’s largest unconventional hydrocarbon reserves. The pipeline is projected to begin operations by the end of 2026, initially carrying 180,000 barrels per day, with plans to scale up to 550,000 barrels per day by 2027. The infrastructure will be pivotal in unlocking Argentina’s oil export potential and enhancing the country’s position in global energy markets.

The Mayer Brown team was led by partners Gabriela Sakamoto, Pablo Ferrante, and Jose Valera, and included counsel Andrew Heather, and associate Martin Gualino.

Other international law firms represented the lenders and VMOS as borrower. 

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