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Novatek releases statement on COSCO sanctions

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LNG Industry,


With regards to the recent US Department of the Treasury’s Office of Foreign Assets Control (OFAC) order – which added two units of China Ocean Shipping Company (COSCO) to the Iran-related specially designated nationals (SDN) list, as well as Teekay LNG Partners L.P. – Novatek has issued the following statement.

Teekay LNG, through its affiliates and joint ventures, owns four Arc7 LNG tankers conducting LNG shipments for the Yamal LNG project.

These specific LNG shipments are not related to the sanctions imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. The issue to resolve this situation is a business relations matter between Teekay LNG and China LNG Shipping (Holdings) Ltd.

The Yamal LNG project has all the necessary capacities to ensure supplies of LNG produced to customers in accordance with contractual obligations within the agreed timelines.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/01102019/novatek-releases-statement-on-cosco-sanctions/

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