YPF Sociedad (YPF) Soars 23.78% as Abu Dhabi Firm Eyes Investment

We recently published 10 Big Names Crushing Wall Street. YPF Sociedad Anonima (NYSE:YPF) is one of the top-performing stocks on Monday.

YPF Sociedad extended its winning streak to a 4th consecutive day on Monday, jumping 23.78 percent to close at $33.36 apiece following reports that it was in talks with the overseas unit of Abu Dhabi National Oil Company, XRG, for a potential investment in its large-scale liquefied natural gas (LNG) project.

According to a report by Bloomberg citing sources privy to the matter, XRG is eyeing a stake in the project as it seeks to expand its LNG portfolio in Latin America, the US, and Asia. However, a deal is not yet guaranteed as it could still fall through.

State-run YPF Sociedad Anonima (NYSE:YPF), in partnership with Shell Plc and Eni SpA, is underway with the development of the floating terminal in support of Argentina’s growing energy demand, while taking advantage of the vast resources in the Vaca Muerta shale basin.

Upon construction, the project is expected to produce 28 million tons of LNG annually.

Apart from the large-scale development, YPF Sociedad Anonima (NYSE:YPF) is also planning to pursue another smaller project involving a consortium of gas producers alongside FLNG provider, Golar LNG Ltd.

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Disclosure: None. This article is originally published at Insider Monkey.