The new company, called Pan American Energy Group (PAEG), is set to become one of the leading oil players in Argentina. The holding was created in Madrid by combining the activities of Pan American Energy (PAE), a group specializing in oil and gas exploration and production, and refiner and fuel retailer Axion Energy. Behind these names, with different stakes in the venture, are three major companies: the British oil company BP, members of the Bulgheroni family - a family of Italian descent with strong business interests in Argentina -, and the Chinese company CNOOC. The creation of the new oil giant was announced on the London Stock Exchange yesterday, September 11, and estimates suggest possible annual sales of around USD 7 billion. This turnover level would be second to that of Argentina’s state-owned company YPF and not far behind that of Techint, another Argentine giant in the sector.