I tried to figure out reasons for yesterday's sell off.
Replacement of CTO, snowball of stops, advice from brokers...
Meridian didn't wait for anything and signed BTA in July, why Gunvor, GNF & AES are still waiting ? As they have/had been in negotiations for BTA for over two years?
The real issue is, we can't afford to miss deadline anymore, if remaining BTAs not signed on schedule, would affect finance close, or can we extend few months for Meridian for June 2016 deadline?
Stonepeak is to provide up to US$800m, remaining equity contribution will be US$500m, how can we fund this?
Unfortunately, bloody crude oil is retesting second bottom which put potential tolling parties at a much better position.
We have only one enemy, is the deadline.
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