September 30, 2019 / 9:21 AM / 15 days ago

Teekay's Yamal LNG tanker JV 'blocked' due to U.S. sanctions on China's COSCO

LONDON, Sept 30 (Reuters) - Teekay LNG's liquefied natural gas (LNG) tanker venture, the Yamal LNG Joint Venture, has qualified as a "blocked person" under U.S. sanctions imposed last week against two units of Chinese shipping giant COSCO for allegedly shipping Iranian oil.

U.S.-listed Teekay Group said on Monday COSCO Dalian, one of the two COSCO units, is a direct 50% shareholder of China LNG Shipping (Holding) Limited (CLNG), which in turn holds a 50% stake in Yamal LNG Joint Venture.

"As a result of CLNG’s 50% 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.

The Yamal LNG Joint Venture owns four Arc7 LNG tankers which ship LNG from Yamal LNG, a massive production facility operated by Russian independent gas producer Novatek in the Russian Arctic.

Reporting by Sabina Zawadzki and Ekaterina Kravtsova; editing by Jason Neely

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