The U.S. is providing funding of up to $6 billion for a gas project in Argentina.

The US Export-Import Bank is providing financial support of up to $6 billion for Argentina’s primary natural gas initiative, showcasing President Donald Trump’s backing, as President Javier Milei aims to draw in overseas investments.

The U.S. government credit agency has made an offer to the Argentina LNG project, which is set to become the biggest infrastructure endeavor in Argentina’s history, as announced by YPF, the state energy company in charge of the initiative.

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Eni from Italy and Adnoc from Abu Dhabi are also involved in the initiative to monetize Argentina’s extensive shale gas reserves in Patagonia.

The three firms are seeking financial support from banks like JPMorgan Chase & Co. and Santander to fund a large part of the $24 billion required for constructing infrastructure such as processing plants, pipelines, and floating liquefaction units in Argentina. This is a challenging endeavor in Argentina, where funding for energy projects has recently increased under the Milei administration, albeit to a lesser extent.

YPF CEO Horacio Marin informed Bloomberg News recently that partners are expected to make the ultimate investment choice in November, likely contingent on receiving letters of intent from banks and export credit agencies to finalize financing agreements.

Interest in Argentina’s LNG has increased as there is a search for purchasers in Europe and Asia to diversify and lessen reliance on the Middle East due to the conflict in Iran.

The project aims to create 12 million tons of liquefied natural gas each year using specially constructed vessels, potentially becoming the largest offshore liquefaction facility globally and altering the global supplier landscape.

Argentina, under Milei’s leadership, is set to become a significant shale gas export hub along the Atlantic coast, with plans for a smaller LNG facility and an oil port to commence operations next year. The Argentina LNG is expected to be operational by 2030, pending construction progress.

ExIm Bank extends its offer a year after the US government, under President Donald Trump, provides Milei with a $20 billion swap line to manage currency sales pressure ahead of the midterm elections. Additionally, the US and Argentina entered into a trade deal in February.