A Safe Space for Whales – or an Export Hub for Fossil Gas?
Some of the Decisive Leverage Lies in Berlin
Leverage on Private Financing
The planned LNG buildout in San Matías Gulf requires billions: for gas pipelines from Vaca Muerta to the Atlantic coast, gas processing facilities and the LNG infrastructure itself.
International banks are being wooed. Deutsche Bank and Santander are among the institutions under discussion. There are no major financing decisions as of yet – which is why swaying those banks is an important focus of our campaign.
Been there
In 2025, Deutsche Bank was one of the five lead arrangers behind the $2 billion credit for Vaca Muerta Oil Sur (VMOS). At 430 km long, the pipeline connects the Vaca Muerta region with the new export terminal at Punta Colorada in San Matías Gulf.
In talks again
There were fresh meetings with Deutsche Bank regarding the financing of the planned Argentina LNG project. Led by YPF, Eni and XRG, the project includes LNG production in San Matías Gulf as well as new processing and transportation infrastructure, among others. It is likely that Deutsche Bank is behind a a request for a German state guarantee to the Federal Government.
Biggest funder of fossil fuels in Latin America
Our research shows the Spanish bank put $9.9 billion towards fossil fuel expansion in Latin America and the Caribbean over the past three years alone. Like Deutsche Bank, Santander is among the creditors of the VMOS oil pipeline.
Financing talks are underway
Negotiations over the giant Argentina LNG Project also include Santander. The project includes gas pipelines, liquefaction facilities and other fossil fuel infrastructure – deals worth a total of $15 billion!
The German Federal Government Can Stop This. We Demand That It Does!
The Federal Government has received a pre-request for an unrestricted financial credit guarantee. Such guarantees protect creditors in raw materials projects against certain business and political risks. Urgewald cautions: A German guarantee could open the door to the massive LNG buildout.
In addition, SEFE is owned by the German state. The company already signed a contract for 2 million tons of LNG per year, starting 2027. With this contract, Germany would play into the hands of Argentina's rightwing-populist president Javier Milei who wants to turn his country into a major LNG exporter.
What is an Unrestricted Financial Credit Guarantee?
A state guarantee issued by the German Federal Republic for loans which banks give to foreign entities involved in raw materials production. The guarantee protects the creditors (mostly banks) against non-payment do to political or economic risks abroad.
Protect the Whale Paradise – Support Our Petition!
No German state guarantees for the oil and gas buildout in San Matías Gulf. No state support for new fossil fuel dependencies.
The Oil & Gas Industry Does Not Own the Gulf
To protect San Matías Gulf and its inhabitants, Urgewald has joined forces with the Argentinian NGO partner Fundación Ambiente y Recursos Naturales (FARN) and the campaign Golfo Azul Para Siempre („Blue Gulf Forever“). Our strategy: Prevent the financing of the fossil fuel buildout in the Gulf.
Pressure on Financial Institutions Is Already Working
A number of international banks, among them the World Bank's IFC and France'sBNP Paribas, have already excluded financing for oil and gas projects in the San Matías Gulf.
Germany should catch up!
Urge the German Government to Say 'No!'
Over 70,000 people have gotten involved. You can also urge the German Federal Government to reject the request for state guarantees and deny support for long-term fossil fuel deals associated with the project.
We Follow the Money – and Aim for Fossil Fuel Projects' Achilles Heel
We reveal who finances dangerous fossil fuel projects. Then we cut the money flows which enable the destruction.
However, for banks, corporations and governments to change course, it takes research, international cooperation and perseverance.
Your donation empowers Urgewald's independent campaign work – in Argentina and anywhere else where money is enabling fossil-fueled ruin.
