FAR's individual capital requirement increased significantly when JV finance didnt happen.
But this also freed up FAR to use the SNE stake as security for debt, which the JV finance would have taken.
The line trotted out is that FAR couldnt get finance because of how expensive the project became ignores that FAR:
FAR were a whisker off getting finance all sorted, with COVID ultimately derailing this, but also apparently FAR were never going to get finance sorted because of how expensive the project became?
- employed a specific/expensive person to achieve finance
- consistently said they had plenty of options and were positively progressing finance
- said they could get a better deal than JV finance would have achieved
- even managed to secure and sign 'binding' senior debt
Ann: Lukoil Proposal Not Proceeding, page-149
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