Ann: Annual Report 2018, page-303

Ha...that's the whole point I'm making - the closer we get to FID who is being squeezed most?

They won't be able to sell forward because of arbitration, the Board won't let them, glad we agree!!
So no forward selling, no monetizing the asset and making a margin because of little Far who can wait a little longer maybe for cash flow to start pouring in..... Maybe not, depends who blinks first.

Actually they probably have some risk governance policies that let's them take positions up to some agreed dollar limit, so if they articulate exit strategies they might be able to sell some before FID even if just speculative e.g by buying some call options if SNE goes belly up for them.

Fair enough on physical specs, but you can also arbitrage and take basis risk on different products.
(I keep saying how 2020 is IMO Suplhur deadline and who knows what disruptions this will bring - this could be a train wreck).

Anyway, easier just to takeover Far I say, wish they'd hurry up.
Cheers