You are assuming with no basis in fact purplespyderman. That is a dangerous thing to do. The way I look at this IPO is that Cheniere wants or needs to raise more money and this is their way of doing it. The obvious tradeoff is a loss of ownership interest by the company but management is willing to do it if it means more money in their pockets. And by their I mean management.
Technically you are right purplespyderman. But the IPO of the subsidiary will dilute the ownership interest LNG has in the liquefaction facility. To what extent is unknown at this time. But there will definitely be dilution. There is no disputing that.