The New Zealand government opted for a reduced $400 million capital raise for Genesis Energy, despite an initial request for $500 million. Treasury documents reveal a protracted negotiation process with ministers over the scale and intended use of the funds. This decision lowers the Crown's required financial contribution to approximately $200 million. Ministers ultimately rejected the larger raise, favouring the more conservative figure. The February announcement of the capital raise followed months of deliberation and internal discussions. The released papers demonstrate the Treasury’s role in advising and influencing the final decision regarding Genesis Energy’s financial future. This outcome indicates a degree of government control over state-owned enterprise funding.