I think you are dead right. The power plant is worthless without a ppa. The ppa is dependent on the locals. EWC gets a ppa if it bends over and takes it. Then it is likely to happen to the LNG plant. The Bakries have leverage over the gas supply for both. Neither have value without gas. This could be averted if EWC could sell the assets, but realistically the only buyer is Bakrie.
Must be an announcement soon !, page-4
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