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JPMorgan Chase & Co. and Citigroup Inc. are negotiating a $1 billion loan to finance a gas pipeline project in Argentina, led by Pan American Energy Group. The Southern Energy project aims to transport gas from the Vaca Muerta shale formation to a liquefaction terminal on the Atlantic coast, involving a consortium that includes YPF, Pampa Energía, Harbour Energy, and Golar LNG. Ongoing discussions may alter the terms before finalization.