Petrochemicals

The petrochemicals segment is vertically integrated into our gas operations, allowing us to maximize the value chain and consolidate our position in the styrenics market. Our products include octane bases for gasoline, benzene, aromatic solvents, hexane and other hydrogenated paraffinic solvents, propellants for the cosmetic industry, styrene monomer, rubber and polystyrene for domestic and foreign markets.

The performance of this segment is influenced by global supply and demand, which impacts our results. Pampa is the only Argentine producer of styrene monomer, 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 obtain styrene, which in turn is used in the production of polystyrene and styrene butadiene rubber (‘SBR’).

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. This business also includes a polystyrene plant in Zárate, Province of Buenos Aires, with a 65 kton production capacity. As of December 31, 2024, Pampa’s estimated share in the Argentine styrene, polystyrene, and SBR markets amounted to 100%, 98% and 93%, respectively.

As for exports, this business is subject to a 4.5% export duty for most of its products (styrene, polystyrene, rubber and toluene, PEN Executive Order No. 1060/20). Other products, such as gasoline, aromatics and solvents, are taxed at 8% (PEN Executive Order No. 488/20).

The following table shows the petrochemicals segment’s main indicators for fiscal years ended December 31, 2023 and 2024:

⁽¹⁾Percentage calculated from sales in the Financial Statements.