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Teekay Corp. and Teekay LNG announce resolution to China LNG JV issues

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LNG Industry,

Teekay Corp. and Teekay LNG Partners L.P. have 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., no longer being classified as a ‘Blocked Person’ under Office of Foreign Assets Control (OFAC) rules.

Accordingly, Teekay LNG’s 50/50 joint venture (JV) 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 4Q19.

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.

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