Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 16

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 16
---
 petrochemicals complex at PGSM,                                                                                            

  a polystyrene plant located in the City of Zárate,                                   

The following table sets forth
main indicators of sales by major product for the petrochemical division in Argentina for the fiscal year ended December 31, 2024,
2023 and 2022:

                                 2024      2023      2022  
 ───────────────────────────────────────────────────────────
  Technical Information                                    
  Sales (in thousand ton):                                 
  Styrene (incl. propylene)        47        55        55  
  SBR                              45        43        46  
  Polystyrene                      42        56        58  
  Others                          336       250       262  
  Sales destination                                        
  Argentina                       63%       71%       69%  
  Abroad                          37%       29%       31%  

Styrene Division

In 2024, the economic activity
contraction and the increase in customer inventories affected domestic demand for all styrenic products, with declines, compared to 2023,
of 23% in styrene, 30% in polystyrene and 46% in rubber. However, this impact was partially offset by increased exports of styrene and
rubber, mainly to Chile, Brazil and the United States. As for propylene, the sales volume fell by 15%, compared to 2023 reaching 7 kton,
due to the ethylene plant’s reduced load.

  60  

  Table of Contents  

Gasoline Reforming Division

In 2024, reforming sales grew
by 33% compared to 2023, driven by increases of 54% in octane bases, 28% in solvents and aromatics, 100% in aromatic fractions, 17% in
gasoline and 12% in propellant volumes. 362 kton of raw gasoline were processed, 36% more than in 2023, including the import of 34 kton
and stock remnants from the closing of 2023, accumulated by the annual plant shutdown scheduled for November.

Our Holding and Other Business

Our holding and other business
segment is comprised, among other holdings, of our direct and indirect interest in TGS and Transener.

Our Interest in TGS

TGS is Argentina’s main
gas transportation company and operates the largest