The owner of Pampa Energía expanded his empire and is making a strong bet on Vaca Muerta, gas, infrastructure, and industry
The group is also involved in the Vaca Muerta Sur Oil Pipeline, a project estimated at US$3 billion that will connect production from the Neuquén basin to an export terminal in Río Negro.
Sacde, Mindlin's construction company, is also part of the consortium responsible for executing the project along with Techint. The company also participates in major works related to the energy infrastructure that Argentina needs to fully leverage its natural resources.
Marcelo Mindlin has become one of the entrepreneurs who most clearly bet on the new economic cycle in Argentina. Through Pampa Energía, TGS, Sacde, and other companies in the Emes Group, the businessman committed direct and indirect investments of around US$15 billion, a large part of which is related to energy, infrastructure, and production.
The latest major operation was the acquisition of Loma Negra, the country's leading cement company, which added to his growing business network. Mindlin became the majority shareholder along with the Redwood and Moneda-Patria Investments funds, in a bet that seeks to take advantage of the expected growth in construction and infrastructure due to the new economic scenario.
During the celebration for Loma Negra's 100th anniversary, Mindlin highlighted precisely the opportunities generated by the new investment regime promoted by the government of Javier Milei. Argentina has nearly US$150 billion in projected investments under the RIGI, according to the businessman, and these projects will require large quantities of cement, energy, and other strategic inputs.
The main driver of Mindlin's expansion is energy. Pampa Energía joined the Incentive Regime for Large Investments (RIGI) to develop Rincón de Aranda, one of the major oil projects in Vaca Muerta, with an investment exceeding US$4.5 billion.
The field already produces about 27,000 barrels per day and aims to reach 45,000 barrels per day by 2027. The growth in production will also allow for increased Argentine exports and generate revenues of over US$1.2 billion annually.
The bet does not end with oil. Through TGS, Mindlin allocated US$700 million to expand the Perito Moreno gas pipeline and plans another US$3 billion to build infrastructure for processing and exporting natural gas liquids from Bahía Blanca.
Additionally, there is an investment of US$2.7 billion from Fértil Pampa to build the largest granulated urea plant in the region in Bahía Blanca. The project will use gas from Vaca Muerta and aims to reduce Argentina's dependence on imported fertilizers.
In parallel, Pampa integrates Southern Energy, along with YPF, Pan American Energy, Harbour Energy, and Golar LNG, a partnership that seeks to develop the export of Argentine liquefied natural gas to international markets.
Mindlin's story explains how he became one of the main protagonists of the current investment boom. His strong entry into energy began in 2003 with the purchase of a stake in Citelec, which controls Transener, and two years later he moved on to Edenor.
In 2005, he also founded Pampa Energía, which would become the backbone of his group. But the big leap came in 2016, when he bought Petrobras's Argentine assets for US$892 million and gained a much more significant position in oil, gas, and electricity generation.
A year later, he incorporated Iecsa, the construction company that had belonged to Angelo Calcaterra, and renamed it Sacde.
Now, with Loma Negra, Mindlin is once again expanding his bet on Argentina. The logic is clear: if economic reforms, the RIGI, and the arrival of capital can unlock a new wave of investments in energy, mining, and infrastructure, the demand for cement and materials should also grow.
Thus, while much of the business community is still waiting for definitive signals regarding economic recovery, Mindlin has decided to position himself early and put billions of dollars behind the productive transformation promoted by Milei's government.
