I saw that percentage as significant, as well. With the Delfin model, they could conceptually define "project" as one vessel and have 26% of that specific vessel/project (like Devon, Vitol, etc.), or as you suggest, 26% of the Delfin LNG project and operate/manage one entire vessel. Either way, Delfin has the options to give them what they want and fast. TELL on the other hand is selling away their land (literally) to help with financing, and they still can't attract investors. They have no leverage and are desperate to make a deal for their large project that is weighing them down. They started construction already, which also puts them at a disadvantage in terms of negotiating. People can just sit back and watch them bleed money and wait for the lowest price possible. TELL would still need significant partners to make FID even with GAIL on board, which means more uncertainty for GAIL (unsure if their investment will produce). Delfin is doing fine without GAIL it seems, but if they were to land GAIL, it would be huge for many reasons.
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