ChinaBlue China BlueChemicals is a division of CNOOC which is partially state owned and worth in the tens of billions. Financing with a partner like this will not be an issue. Don't forget that with an offtake worth in the vincinity of 8 to 10 billions you can also get financing easily. Combined both, HUGE partner and offtake, financing all with debt is possible.
But I don't think that China Blue, which tried to buy all of WPX a year ago, will settle for 20%. I believe it's an aquisition in stages. The fact that they acquire in stages will also not raise any concerned from the government. My 2 cents...