This is the exact reason the LNG plant has been delayed by...

This is the exact reason the LNG plant has been delayed by several years.

Not reaching financial close prior to construction gives the flexibility to EWC to do what they want with the gas (e.g. get initial finance in Philippines by being able to say EWC has a gas source that is not contracted). It also allows them to bid on other opportunities by always being able to say EWC can bring fuel to the table. This is purely for appearance purposes and I believe that the ultimate intention was always to buy gas on the spot market. Sengkang is away of getting a seat at the table.

However in my opinion, I think the strategy has ultimately failed. Any final flexibility and benefit of not having an off-take agreement will be easily offset by the loss in revenues from not completing the project on time.

As the Philippines is a merchant power model and not widely understood in the region, I can appreciate why financial close has been difficult to achieve.