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Key Players in the Infrastructure Industry in Argentina.

Based on the available information from the provided sources, compiling a definitive list of the top 10 infrastructure players in Argentina strictly by 2024/2025 revenue is challenging, as recent and comparable financial data for all significant companies is not consistently available. The infrastructure value chain in Argentina involves construction, material supply, energy production and transport infrastructure, and transport operation, among others. The players listed below are identified as significant actors in this value chain based on available revenue figures, project involvement in 2024/2025, and mentions in recent industry news from the search results. The ranking is based on the most recent available revenue or significant size indicator found, acknowledging that figures might be from different years or represent different metrics (e.g., group revenue vs. specific Argentina infrastructure revenue, or backlog instead of revenue).

Key Players Table

| Player name and short description | Detailed profile | Relevant context information }, { "Player": "Pan American Energy (PAE)", "Short Description": "Pan American Energy Group (PAEG) is the largest privately-owned integrated energy company operating in Argentina, Bolivia, Mexico, and Uruguay. It is involved in the exploration and production of hydrocarbons, refining, and fuel sales.", "Detailed Profile": "PAEG explores and produces oil and gas from conventional and unconventional reservoirs, both onshore and offshore, across Argentina, Bolivia, and Mexico. [39] In Argentina, PAE is the second-largest oil and gas producer. [15] The group also refines oil and commercializes fuels and lubricants, operating over 735 service stations. [39] They are actively involved in the Vaca Muerta region, a major unconventional oil and gas play. [15, 16, 21]", "Relevant context information": "Formed in 2017 through the integration of Pan American Energy and Axion Energy, owned by the Bulgheroni family, BP, and Cnooc. [15] Involved as a shareholder in Vaca Muerta Oil Sur (VMOS), the company building the new Vaca Muerta to Punta Colorada oil pipeline, a major infrastructure project. [21] They are a key player in the development of Argentina's energy infrastructure. [39]", "Estimates of volumes": "Produces 247 MMBOED (Million Barrels of Oil Equivalent per Day) of oil and gas (likely across their operations, not just Argentina). [39] Has over 735 service stations. [39]", "Estimates of revenue": "Estimated annual turnover of US$ 7.3 billion for Pan American Energy Group (PAEG) in 2017. [15] More recent Argentina-specific revenue in USD is not available in the provided snippets for 2024/2025. PAE alone had revenues of $225,000 million pesos in 2019. [16]" }, { "Player": "YPF", "Short Description": "YPF is Argentina's state-owned energy company, with significant activities in exploration, production, refining, and distribution of oil and gas. It is a major force in the development of energy infrastructure in the country.", "Detailed profile": "YPF is the largest oil and gas company in Argentina. [15] Its activities span the entire hydrocarbon value chain, including upstream (exploration and production) and downstream (refining, logistics, and marketing). [15] They are a key developer of unconventional resources in Vaca Muerta. [5] YPF is also involved in energy generation. [10, 18]", "Relevant context information": "As the state-owned company, YPF plays a crucial role in national energy policy and infrastructure development. It is a shareholder in Vaca Muerta Oil Sur (VMOS), the company building the new Vaca Muerta to Punta Colorada oil pipeline, one of the largest infrastructure projects in decades. [21] Its subsidiary AESA is also a contractor for this major pipeline project. [21]", "Estimates of volumes": "YPF is the largest oil and gas producer in Argentina. [15] Non-conventional oil production in Argentina was over 410 thousand barrels per day in October 2024, representing 55% of the country's total, with a projection to reach 1.5 million bpd by 2030 from Vaca Muerta. [3, 5] Non-conventional gas production is projected to reach 230 million cubic meters per day by 2030. [3, 5]", "Estimates of revenue": "Overall revenue for YPF was $650,000 million pesos in 2019. [16] More recent Argentina-specific revenue figures for 2024/2025 specifically related to infrastructure construction were not found in the provided snippets. The Vaca Muerta pipeline project, in which YPF is a major participant, is expected to enable exports worth nearly US$13 billion annually by 2027. [21]" }, { "Player": "Loma Negra", "Short Description": "Loma Negra is the leading cement producer in Argentina, providing essential materials for construction and infrastructure projects.", "Detailed profile": "Loma Negra operates multiple cement production plants and concrete production centers in Argentina and has a presence in Uruguay. [19, 46] It also has a significant logistics operation supported by the Ferrosur Roca railway line. [19, 46] The company supplies cement, masonry cement, lime, and concrete. [23]", "Relevant context information": "Founded by the Fortabat group, it was acquired by the Brazilian group Camargo Correa in 2005. [2, 9, 10, 19, 23] Recently, there have been discussions and processes regarding the potential sale of Loma Negra by its current owner, InterCement (part of Camargo Correa), due to InterCement's financial difficulties, with Pampa Energía (Marcelo Mindlin) being a potential buyer. [9, 10, 18, 23, 24] The company's sales have been impacted by the slowdown in public works in 2024. [9, 10, 18, 23]", "Estimates of volumes": "Despatched 6.4 million tons of cement in 2023. [9, 10, 18] Has a production capacity of 7.5 million tons of cement and 700 thousand cubic meters of concrete per year (as of 2005, across 9 plants and 3 concrete centers). [19, 46] Employs 2,906 people (as of Sept 2024), including employees at Ferrosur Roca. [23]", "Estimates of revenue": "Facturation of $422,161 million pesos in 2023. [9, 10, 18] Sales income was $272.3 billion pesos by September 2024, a 27.6% decrease year-on-year in peso terms. [23]" }, { "Player": "Corporación América Airports (CAAP)", "Short Description": "Corporación América Airports is a leading private airport operator with a significant presence in Argentina and other Latin American and European countries.", "Detailed profile": "The company operates 36 airports in Argentina, holding concession rights often obtained through public tenders. [17, 31] Their business includes aeronautical services (passenger fees, landing fees, parking fees) and commercial services (retail, food, advertising, cargo handling, etc.). [31]", "Relevant context information": "Founded in Argentina in 1998. [31] The company consolidated its global airport operations under a Luxembourg-based society and went public on the NYSE in 2018. [17] The concession for Aeropuertos Argentina 2000 was renewed until 2028, crucial for CAAP's operations in the country. [17] They invest in infrastructure improvements at their airports. [31]", "Estimates of volumes": "Handled 32 million passengers annually in Argentina (cited in 2018). [17] Operated 36 airports in Argentina. [17]", "Estimates of revenue": "Facturation in Argentina was USD 840 million (cited in 2018). [17] More recent revenue figures specifically for Argentina in 2024/2025 were not found in the provided snippets, although financial reports are mentioned as available as of April 2025. [42, 45]" }, { "Player": "Grupo Roggio (Benito Roggio e Hijos)", "Short Description": "Grupo Roggio is a large, diversified Argentine holding with major interests in construction, transport, environmental services, and water utilities, playing a significant role in public works and infrastructure concessions.", "Detailed profile": "The group's activities include construction (Benito Roggio e Hijos S.A.), transport operation (Metrovías for subway and railway lines), environmental engineering (Cliba), water services (Aguas Cordobesas), highway concessions (Caminos Australes), and technology. [13, 29, 41, 47] Founded over a century ago, the construction arm is a major player in the sector, particularly in road works. [13, 26, 29, 47]", "Relevant context information": "Public works represent a significant portion of the group's turnover. [29] The group has faced challenges related to payment delays and past legal issues concerning public works contracts. [29] A joint venture including Benito Roggio e Hijos had a contract for a section of National Route 9, which was reported as paralyzed in early 2024. [22]", "Estimates of volumes": "Operates transport systems serving millions of passengers (e.g., Metrovías handled 324 million passengers in 2016). [47] Provides environmental services to 1.5 million people. [47] Provides water services to over 1 million people. [47] Employed 10,000 people (cited in 2005) [13] and 12,700 (cited in 2017) [47]. Had a portfolio of ongoing projects worth up to US$600 million (in 2018), half of which were road projects. [29]", "Estimates of revenue": "Group facturation was approximately $2,500 million pesos annually (cited in 2014). [41] Over 35% of the group's turnover comes from infrastructure projects. [29] More recent revenue figures for 2024/2025 were not found in the provided snippets." }, { "Player": "Rovella Carranza", "Short Description": "Rovella Carranza is a construction company recognized as a principal contractor in road works and among the main construction companies in Argentina by billing.", "Detailed profile": "The company has been operating for over 17 years. [12] It is particularly strong in the road construction segment. [26] Rovella Carranza also participates in joint ventures and has operations outside Argentina, including in Paraguay and Peru. [26]", "Relevant context information": "Mentioned as having a significant backlog of works. [26] Involved in a joint venture with CN Sapag SA. [14] Its backlog includes projects like the Berazategui Pumping Station for Aysa. [26] The company has faced scrutiny related to past investigations. [12]", "Estimates of volumes": "Has a significant backlog of $131,011 million pesos as of May 2023, equivalent to USD 526 million at that time. [26]", "Estimates of revenue": "Reported gross facturation of $1,500 million pesos in 2013. [12] Had revenues of $33,271 million pesos in 2022 and $31,809 million pesos in 2021. [26] The index of backlog/sales was 2.93x in May 2023, up from 2.19x in Dec 2021. [26]" }, { "Player": "IMPSA", "Short Description": "IMPSA is an Argentine company specializing in the design, manufacture, and supply of integrated solutions for energy generation (hydroelectric, wind, nuclear) and other large-scale industrial infrastructure projects.", "Detailed profile": "IMPSA provides equipment and services for hydroelectric power plants (turbines), wind farms, nuclear power plants (steam generators), and oil & gas facilities (furnaces, pressure vessels). [7, 35] The company is known for its technological expertise and export activities. [7, 35]", "Relevant context information": "Historically a multinational with manufacturing plants in Argentina, Brazil, and Malaysia. [35] Faced significant financial difficulties and defaulted on debt, leading to a restructuring and the exit of the Pescarmona family from control. [7, 25, 35] The company was recapitalized with state (national and provincial) funds in 2021. [25] In late 2024, the state divested its shares, and IMPSA was privatized, with the US firm ARC Energy presenting the sole offer. [32]", "Estimates of volumes": "Produced its 200th turbine by 2019, with 85% exported to 20 countries. [7] Involved in replacing turbines at the Yacyretá dam and manufacturing components for the Embalse nuclear power plant and YPF. [7] Tripled sales income in peso terms by March 2023 compared to 2021. [38] Employs around 700-750 people. [7, 32]", "Estimates of revenue": "Facturation was around USD 100 million in 2019 [7], while another source indicated USD 30 million for the same year [25]. Historically reached annual facturation of US$600 million, particularly from Asian operations in the late 1990s. [35] While sales income tripled in peso terms by March 2023, the company still reported significant losses. [38] More recent revenue figures for 2024/2025 were not found, but privatization could impact future financial reporting.", }, { "Player": "Sacde", "Short Description": "Sacde is a construction company linked to the Pampa Energía group (Marcelo Mindlin), actively participating in major energy infrastructure projects in Argentina.", "Detailed profile": "Sacde is involved in large-scale construction projects, particularly in the energy sector. [10, 18, 21] They have been a key contractor for major pipeline projects emanating from Vaca Muerta. [10, 18, 21]", "Relevant context information": "Part of the Pampa Energía group, which has interests in energy generation (thermal, hydro, renewable) and oil and gas production. [10, 18] Sacde has partnered with Techint on significant projects like the Néstor Kirchner gas pipeline and the recent Vaca Muerta to Punta Colorada oil pipeline. [10, 18, 21] Their participation in the Vaca Muerta pipeline tender alongside Techint, winning significant segments, highlights their importance in major current infrastructure developments. [21]", "Estimates of volumes": "Involved in the construction of hundreds of kilometers of major pipelines. For the Vaca Muerta oil pipeline, the Techint-Sacde joint venture was awarded contracts for two sections totaling 437 km. [21]", "Estimates of revenue": "Specific revenue figures for Sacde were not found in the provided snippets. Its financial performance is likely reflected within the broader results of the Pampa Energía group. The projects they undertake represent significant contract values (e.g., sections of the Vaca Muerta pipeline). [21]" }, { "Player": "AESA", "Short Description": "AESA is a subsidiary of the state-owned energy company YPF, focused on providing engineering, construction, and industrial services, particularly within the energy and infrastructure sectors.", "Detailed profile": "As a subsidiary of YPF, AESA is involved in projects related to oil and gas infrastructure, refining, and other industrial facilities. [21] They participate in construction and engineering aspects of major energy developments. [21]", "Relevant context information": "AESA's activities are closely tied to YPF's investment and development plans in the energy sector. [21] They were recently awarded the contract for the construction of one of the pumping stations for the new Vaca Muerta to Punta Colorada oil pipeline, a major national infrastructure project. [21]", "Estimates of volumes": "Involved in the construction of facilities and components for the energy industry. Awarded the contract for a pumping station on the Vaca Muerta oil pipeline project. [21]", "Estimates of revenue": "Specific revenue figures for AESA were not found in the provided snippets. Its financial performance is integrated within the YPF group results. Their participation in large projects indicates a significant operational scale. [21]" }

Note on Data Limitations: The ranking and information presented above are based solely on the details available in the provided search result snippets. Comprehensive and directly comparable revenue figures for all major infrastructure players in Argentina for 2024/2025 were not fully available. Information on the complete value chain, detailed segments beyond general categories, specific operational volumes for all players, in-depth business models, a complete overview of recent M&A activities across the sector (beyond specific mentions), and detailed bottlenecks/challenges per player could not be fully extracted from the provided sources. The table is ordered based on the best available recent revenue or size indicator as found in the snippets.

References

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  • BNamericas - Los principales proyectos del programa argentino de US$6.500mn de infraestructura estratégica.
  • BNamericas - Los proyectos de infraestructura detenidos en Argentina.
  • El Cronista - Confirmado: la brasileña Camargo Correa compró el 35% de Alpargatas.
  • La Nación - El software aporta a Roggio el 10% de sus ingresos.
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  • La Nación - Nace Pan American Energy Group, un holding que facturaría US$ 7.300 millones al año.
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  • Verte - Loma Negra podría volver a manos nacionales.
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