Teekay LNG Releases Resolution To China LNG Joint Venture Issues
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With reference to a press release issued on September 30, 2019, Teekay Corporation (Teekay) and Teekay LNG Partners L.P. (Teekay LNG) announced that COSCO Shipping Energy Transportation Co., Ltd. has completed an ownership restructuring on arms-length terms which has resulted in Teekay LNG’s joint venture partner, China LNG Shipping (Holdings) Ltd. (China LNG), no longer being classified as a “Blocked Person” under Office of Foreign Assets Control (OFAC) rules.
Representation Image – Credits: teekay.com
Accordingly, Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “Blocked Person” under OFAC rules.
The four existing ARC7 LNG carriers are continuing to operate under their long-term contracts transporting gas from the Yamal LNG project and the remaining two ARC7 LNG carrier newbuildings are expected to deliver in the fourth quarter of 2019.
As a result of the resolution of this issue, the Teekay Group is now planning to reschedule its previously-postponed investor and analyst meeting and expects to provide details soon.
Reference: teekay.com
Source: Maritime Shipping News