US SANCTIONS targetting Cosco for allegedly moving Iranian oil, has now tarred New York-listed Teekay LNG, which became a 'blocked person' because its partner, China LNG Shipping (Holding) (CLNG), is 50 per cent owned by COSCO Dalian
US SANCTIONS targetting Cosco for allegedly moving Iranian oil, has now tarred New York-listed Teekay LNG, which became a 'blocked person' because its partner, China LNG Shipping (Holding) (CLNG), is 50 per cent owned by COSCO Dalian. The US imposed sanctions on COSCO Shipping Tanker (Dalian) Co and subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co for allegedly carrying Iranian crude oil.
Teekay LNG said its 50-50 Yamal LNG Joint Venture had been deemed a 'blocked person' under the sanctions.
'As a result of CLNG's 50 per cent interest, the Yamal LNG Joint Venture also currently qualifies as a 'Blocked Person' under OFAC rules,' Teekay said in a statement, referring to the Executive Office of Foreign Assets Control (OFAC) Order.
'For clarity, the Teekay Group has not traded and will not trade with Iran and will not act in contravention of any trading sanctions,' Teekay said in the statement after postponing its October 2 investor day because of the developments.
The venture owns Arc7-class LNG tankers capable of navigating through Arctic ice, making it key in transporting LNG from Novatek's Yamal LNG plant in northern Russia.
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