Petrochemicals

The petrochemicals segment is vertically integrated with our gas operations, enabling us to maximize value along the value chain and consolidate our position in the styrenics market. Pampa is the only Argentine producer of styrene monomer, styrene butadiene rubber (‘SBR’), polystyrene and elastomers, and the only integrated manufacturer transforming oil and gas into plastics. As part of the integration strategy, we use our benzene production to produce styrene, which is then used to produce polystyrene and SBR. Apart from styrene, we produce octane bases for gasoline, benzene, aromatic solvents, hexane and other hydrogenated paraffinic solvents, propellants for the cosmetic industry.

Pampa operates the Puerto General San Martín (‘PGSM’) integrated petrochemical complex in San Lorenzo, Province of Santa Fe, with an annual production capacity of 50 thousand ton (‘kton’) of gases (liquefied petroleum gas – LPG used as raw material and propellant), 155 kton of aromatics, 290 kton of gasoline and refined products, 160 kton of styrene, 55 kton of SBR, 180 kton of ethylbenzene and 31 kton of ethylene. At the same site, we operate a reforming plant with a production capacity of 387 kton of octane bases, naphtha, and aromatics. We have a polystyrene plant in Zárate, Province of Buenos Aires, with a 65 kton production capacity. As of December 31, 2025, Pampa’s estimated market share in Argentina reached 98% for styrene, 92% for polystyrene and 86% for SBR.

The performance of this segment is influenced by global supply and demand, which in turn affects our prices and margins. As for exports, this business is subject to a 4.5% export duty on most of its products (styrene, polystyrene, rubber, and toluene; DNU No. 1,060/20). Other products, such as gasoline, aromatics and solvents, are taxed at 8% (DNU No. 488/20). In 2025, 40% of the sold volumes were exported.

The following table shows the petrochemicals segment’s main indicators for fiscal years ended December 31, 2024 and 2025: