Dont get too excited about SOE's in China. Their involvment is...

Dont get too excited about SOE's in China. Their involvment is often just a neccessary function of obtaining the required Govt approvals. Its also to ensure that once the LNG flows the Chinese Govt will always own the contract. Its called energy security.
There was no other path.

What's interesting about this announcement is that it really highlights how little insight the ICN management and board seemed to have about the GSA process and their Chinese partners, as they are having a horrendous time of managing the expectations of the market.
Remember, this GSA was to be signed in Aug...and then Dec (because the extra 4 months was a conservative extension to allow for all the Govt approvals)...and now once the JV for the receiving terminal has been formed...and only then "will the final negotiation for the GSA start once the Chinese receive the relevant Govt approvals".

This could go on for another 6 months, maybe longer.

The Chinese have done well out of this. They have bought themselves an option over Icon's gas for the cost of adding their names to an MOU.