Businessman Jose Luis Manzano They will prepare a new offensive to take control of Metrogas, the main networked distributor of natural gas in Argentina.
If he does so, it will be the businessman’s third official attempt to take over the company, a goal that his investment group has constantly kept in mind in recent years.
Sources close to the negotiations indicated that this new proposal seeks to overcome the obstacles that frustrated the previous two proposals.
In any case, the talks are still at a preliminary stage, but Manzano’s intention to enhance its participation in the Argentine energy sector is clear.
The former Minister of the Interior in the government of Carlos Menem already has a foot inside Metrogas if we take into account that the gas distribution company Integra owns 9% of the company’s shares.
Metrogas, which supplies the city of Buenos Aires and the suburbs of Buenos Aires, is such a strategic gem for any operator in this sector that the market is closely following the progress, paying attention to whether this third attempt will finally be able to complete the long-awaited acquisition.
Oil control
Currently, YPF is the major shareholder of the distributor through Gas Argentina SA, a company that owns about 70% of the company’s shares, but Manzano is also part of the shareholding through its subsidiary Integra Gas Distribution, with which it owns 9% of the distributor.
In addition to Integra Gas Distribution LLC, the company’s other shareholders are the Sustainability Guarantee Fund (FGS) of the National Social Security Administration (ANSES), which owns 8.13%; The remaining 12.64% floats on the market through Bolsas y Mercados Argentinos (BYMA).
Horacio Marinthe CEO of the state oil company has just ratified his strategic decision to sell this stake to focus on key projects such as Vaca Muerta.
“As soon as possible,” the executive said a few weeks ago when asked about the Metrogas divestment deadline.
In reality, iProfessional He predicted that the company’s board’s goal would be to divest its shares next year, as they have already appointed Citi to come out and file the terms of the transaction.
In fact, the bank had already begun the task of searching for potential investors, especially among international, rather than local, groups, to fulfill the desire of the YPF authorities to transfer its stake in Metrogas to a foreign holding company with a strong presence and strength in the energy sector.
License extension
In this sense, the potential interest from ENI, the Italian oil company with which YPF has just signed two important strategic agreements such as the Vaca Muerta Argentina LNG (liquefied natural gas) project to transform the region into a global export center for this fuel, is not excluded.
In parallel, the oil company is pressuring the national government to grant Metrogas an extension of its license, which expires in 2027, so that it can continue providing service for another 20 years, that is, until 2047.
In reality, Metrogas has already submitted all the required paperwork Of the official organizations to study the new extension and held a public hearing to analyze this claim.
Everything indicates that The government’s decision will be positiveAs already happened with the terms granted to Transportadora de Gas del Sur (TGS), which was able to extend its concession for another 20 years.
If you follow the same path Extension of Metrogas license The new shareholders will give the distributor another 20 years of stability for their business.
Market estimates indicate that the distributor’s total business will exceed US$1.1 billion, with YPF’s participation valued at approximately US$700 million.
Old intentions
In the case of Manzano, this is not the first time that his last name has appeared as an “asset” interested in retaining YPF shares to advance his involvement in the distributor, which was founded in 1992 to participate in the privatization of public services organized by the Menem government of that decade.
at the moment, The company provides its services to 2,250,000 customers It is also considered the third distributor in South America with a distinction covering an area of 2,150 square kilometers.
Its operating license includes Capital Federal’s distribution networks and the greater Buenos Aires areas of Avellaneda, Llanos, Lomas de Zamora, Quilmes, Berazategui, Almirante Brown, Florencio Varela, Esteban Echeverría, Ezeiza, Presidente Perón and San Vicente.
On December 22 last year, at an event on the energy sector as a framework, Manzano spoke not only about the opportunities for local companies to add investments through the capital market, but also referred to the privatization of Metrogas.
The businessman, who shares ownership of Edenor with Daniel Villa and Mauricio Filiberti, said during the Energy Day seminar organized by the specialized portal Econo Journal, that Interested in Metrogas.
At that time, he also left some considerations about the “format” YPF should adopt to hand over the company to another owner.
Use the workaround
According to Manzano, the oil company should approach this deal based on the issuance of the American Depositary Receipt (ADR) on the US stock market.
“The buyer who comes to pay US$1,000 million is not there, but the market is targeting US$200 million or US$500 million worth of equity per month,” Manzano said in his presentation during the event.
In fact, the businessman himself I landed in Metrogas by purchasing stock that was controlled by the distributor’s employees It is through this system that Manzano considers credible.
To give context to this potential process, it is explained that an ADR is a negotiable certificate issued by a North American bank representing one or more shares of foreign companies listed on Wall Street.
It stands for the portion of stocks from other countries that are traded or are traded on the mentioned markets and which allows Argentine companies to issue shares on the North American Stock Exchange, as YPF, the parent company of Metrogas, already does; In addition to other local groups such as Tenaris, Grupo Financiero Galicia, IRSA, Edenor and others.
In the event of a potential offer, Manzano would not make it with Edenor, but specifically with Integra’s gas distribution division, which participates in the capital of Metrogas.
Operation failed
Already in 2018, Manzano participated in the operation carried out by former president Mauricio Macri of YPF to divest ownership of Metrogas to comply with regulatory issues that prevent the oil company from owning a gas distributor.
In that year, the management of Cambimos Citibank granted a mandate to sell, and within this framework, the bank received a series of non-binding offers from several consulting firms appointed by various interested parties.
Prominent in that group were representatives of the General Combustion Company (CGC), the oil company Eduardo Ornikian; From Integra; In addition to Camuzzi, owned by Alejandro McFarlane, and Gas BAN, the distributor of the Spanish Gas Natural Fenosa group.
The intention of the YPF Board of Directors was to cede control of the distributor and, in this way, comply with the order of the then ENARGAS authorities so that the oil company complies with the provisions of Law 24.076, which prohibits the gas producer from controlling the distributor.
But the exchange crisis that affected the country during that period greatly complicated the financing of the operation, coupled with the political and economic uncertainty that Argentina suffered during the Cambimos government.
The deal came to nothing and with the arrival of Kirchnerism at Casa Rosada, the YPF continued its control of Metrogas through regulations with arguments that were considered “suspicious” and “lack of papers”.
Now, the state oil company’s departure from the gas distributor has once again taken center stage as the national government seeks to forge a new image for YPF and force it to dispose of assets deemed “non-strategic” to the company’s future.
Financial health
In the market they consider it so The present moment is the “right” time to resume the process And getting a good price for the operation, considering that the overall conditions for Argentina have improved, with country risks also contributing to the ability to entice potential international investors.
Added to this is the financial regulation undertaken by Metrogas, including the refinancing of its $88 billion debt with banks and government companies such as Enarsa.
This includes a wholesale syndicated loan (Tamar) with a nominal rate of 66% (effective 90% per annum).
In the same sense, the price increases provide a stability scenario for Metrogas, which was relying precisely on that “help” to rebuild its financial equation, which had been deteriorating for more than a decade due to the eternal Kirchnerian freeze on public utility bills.
Fare assistance
In fact, its corresponding operating profit for the first months of the current year amounted to US$163.153 million versus US$138.786 million obtained in 2024, while its EBITDA reached US$206.018 million at the end of the third quarter of 2025.
The figures are mainly based on price consolidation Of the transitional increases granted since April 2024 Above all, the implementation of the comprehensive tariff review as of last May.
Likewise, the distributor maintains its policy of managing operational efficiency and reducing expenses but without neglecting service, as the new tariff framework also stipulates that Metrogas must comply with the business and/or investment plan in the five-year period, which is already under implementation.
Although Metrogas sources declined to comment iProfessionalthe financial situation of the distributor is improving to the point that it is no longer a burden on YPF if we note that last year it contributed US$186 million in EBITDA, and this year it will do the same with a figure that will certainly be around US$200 million.
The numbers show that they are in good financial health and that Obtaining an appropriate level of profitability for the facilityAlso known as public service companies that provide basic services such as electricity, water, gas and communications.
In addition, the income obtained from the sale of Metrogas will certainly be redirected to the projects managed by YPF in Vaca Muerta.