Ann: Board and Management Update, page-31

I think you are all over-reacting.
as you say, Merlin Aust is an Agent, or front company, designed to provide the bid on behalf of its backers.
how come people are happy to "look behind" the capital of Merlin and deride its $100 of equity, but ignore the obvious strength of its backers?

Very clearly, the NT Govt has done just that, and satisfied itself that the real bidders are the Chinese giants CNPC, and its pipeline company, plus financiers Chinese bank and NAB. OSD is the Aust link for construction of pipeline, and would utilise the technical skills and personnel of CNPC group. The Chinese bank would do same via NAB.

there is no way NT Govt would allow Merlin to progress to 4way bidding, unless it was satisfied of Merlin bona-fides and strength.

also, reading todays press, it talks about most of Aust gas pipelines controlled by just 2 groups - APA and Jemena.
IMHO, it would be a service to Aust to enhance competition for gas supplies, by seeing a 3rd party control such an important potential new source of gas.
Surely CTP would be better off not having to deal with an Oligopoly of APA and Jemena?