Gas and Coal Economics, page-15

Sengkang also has no contracts. But that may not matter unless they can actually get feed gas to the liquefaction site. At the moment it appears that this cannot happen, absent a solution on the gas t-line right-of-way.

As far as the Philippines, an asset is valuable in the context of the market that it is in. If the capacity value is not recognized in long term contracts, then you are in the world of short term markets where capacity costs are not always recovered. The terminal may come into operation, and be the first LNG terminal, but absent long term contracts for at least some of its capacity, it could struggle commercially. In an over-supplied market there is no leverage to force any buyer of kWh or terminal services to pay for sunk costs.

Not saying this was the plan, but investors get markets wrong all the time. This may or may not be one of those times - we shall see. The path for both projects, I think, involves additional expenditure of hundreds of millions of USD with financing currently held up by CP's, assuming that the transmission issues can be resolved. So we may not know, one way or the other, for quite some time. Caveat emptor, as they say.