Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 24

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 24
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 terminal. The “ Proyecto Duplicar” was inaugurated on April 4,
2025 and had an estimated investment of U. S.$ 1.4 billion.

We hold a 2.1% interest in Oldelval.

Enecor

Pampa holds a 70% interest in
Enecor, an independent power transportation company which provides operation and maintenance services, by subcontracting Transener, for
21 km of 132 kV double-triad electricity lines from the Paso de la Patria transforming station, in the Province of Corrientes. It is under
a 95-year concession, which expires in 2088.

Ecuador

Oleoducto de Crudos Pesados

In 2001, the Ecuadorian government
signed with OCP S. A., OCP Ltd. and its shareholders an agreement for the “ Construction and Operation of the Heavy Crude Oil Pipeline
and Hydrocarbons Transportation Public Service” (the “ Construction and Operation Agreement”) granting the rights
to build and operate for a 20-year term a 503 km-long pipeline that runs from the northeastern region of Ecuador to the Balao distribution
terminal on the Pacific Ocean coast. OCP S. A. operates the main private oil pipeline in Ecuador. The oil pipeline has a transportation
capacity of approximately 450,000 barrels per day. The construction of the oil pipeline was completed and began its operations in 2003.

On August 30, 2024, we acquired
36% of OCP Ltd., in which we already held 64% of the capital, for a price of U. S.$ 23 million, thereby increasing our indirect stake to
100%. As a result, we indirectly gained control of 100% of OCP S. A.

The expiration of the pipeline
concession was initially scheduled for January 20, 2024. However, successive extensions of the concession term were granted by the Ministry
of Energy and Mines of Ecuador during 2024 - which extended the term first until July 31, 2024, then until August 19, 2024 and lastly
until November 30, 2024, and on that date, all shares of OCP S. A. were transferred and delivered to the Ecuadorian State at no cost, along
with the titles and rights to the pipeline's assets, all in accordance with the pipeline concession contract.

In compliance with the provisions
of the Construction and Operation Agreement, O