PC isn't playing any hard game, he is purely pointing out the...

PC isn't playing any hard game, he is purely pointing out the difficulty in project financing if ownership is in question. WPL has the best credit rating in the JV (something as small as SNE - WPL can fund on cashflow at anything but sub $15 oil) and WPL sit in a country with effectively no foreign investment concerns. What interest rate would you offer a JV without knowing who will pay that 1/3rd of the interest / capital in project financing.

No one but the FAR HC posters assume with any certainty that any potential backer has any real oil and gas experience, let alone a credit rating to match WPL. You just cannot get project financeing in that circumstance.