Teekay Corp. and Teekay LNG announce resolution to China LNG JV issues
Published by Will Owen,
Editor
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.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/23102019/teekay-corp-and-teekay-lng-announce-resolution-to-china-lng-jv-issues/
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