US Sanctions on COSCO Hit LNG Tanker Industry
US sanctions on two units of Chinese shipper COSCO hit the liquefied natural gas tanker industry on Monday as US-listed Teekay LNG said its joint venture in Russia had been “blocked” for its ties to COSCO.
The United States imposed sanctions on the two units - COSCO Shipping Tanker (Dalian) Co, Ltd and its subsidiary COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co, Ltd - for allegedly carrying Iranian crude oil, Reuters reported.
Teekay LNG said Monday its 50-50 Yamal LNG Joint Venture had been deemed a “blocked person” under the sanctions as its partner China LNG Shipping (Holding) Limited is 50% owned by COSCO Dalian.
“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 order.
Yamal LNG is operated by Russian independent gas producer Novatek.
A fifth Teekay Arc7 tanker is heading to Yamal, having been built and tested over the summer around South Korea’s Daewoo Shipbuilding and Marine Engineering shipyard. A sixth tanker is undergoing sea trials.
source: Financial Tribune
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