{"id":3382,"date":"2019-10-13T14:22:59","date_gmt":"2019-10-13T11:22:59","guid":{"rendered":"https:\/\/www.al-sindbad.net\/?p=3382"},"modified":"2019-10-13T14:23:01","modified_gmt":"2019-10-13T11:23:01","slug":"us-sanctions-on-cosco-companies-hit-us-listed-teekay","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/us-sanctions-on-cosco-companies-hit-us-listed-teekay\/3382\/","title":{"rendered":"US Sanctions on COSCO Companies Hit US-Listed Teekay"},"content":{"rendered":"\n<p><strong>An LNG joint venture of U.S.-listed Teekay Group has qualified as a \u201cblocked person\u201d under&nbsp;<a href=\"https:\/\/worldmaritimenews.com\/archives\/283782\/us-sanctions-cosco-companies-over-iran-trade\/\" target=\"_blank\" rel=\"noreferrer noopener\">sanctions imposed by the U.S. last week<\/a>&nbsp;against two COSCO companies for allegedly transporting Iranian crude.<\/strong><\/p>\n\n\n\n<p>The sanctions were imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman &amp; Ship Management Co.<\/p>\n\n\n\n<p>As explained by Teekay, COSCO Dalian is a direct 50% shareholder in China LNG Shipping (Holdings) Limited (CLNG).<\/p>\n\n\n\n<p>CLNG was not listed on the recent Office of Foreign Assets Control (OFAC) Order or otherwise directly implicated in any sanctioned activity, but by virtue of being 50% owned by COSCO Dalian, CLNG currently qualifies as a \u201cblocked person\u201d under OFAC rules.<\/p>\n\n\n\n<p>CLNG, in turn, owns a 50% interest in Teekay LNG\u2019s Yamal LNG joint venture, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings.<\/p>\n\n\n\n<p>As a result of CLNG\u2019s 50% interest, the Yamal LNG Joint Venture also currently qualifies as a \u201cblocked person\u201d under OFAC rules.<\/p>\n\n\n\n<p>Teekay noted that it has not traded and would not trade with Iran, adding that it is working with partners on resolving the issue.<\/p>\n\n\n\n<p>The company received the fourth ARC7 LNG carrier&nbsp;<a href=\"https:\/\/worldmaritimenews.com\/archives\/281647\/teekay-fourth-arc-7-icebreaking-lng-carrier-delivered\/\" target=\"_blank\" rel=\"noreferrer noopener\">in August this year<\/a>.<\/p>\n\n\n\n<p>Responding to the development, Russian gas producer Novatek, who holds a 50.1% stake in the Yamal LNG project, said the project&nbsp;<em>\u201chas all the necessary capacities to ensure supplies of LNG produced to customers in accordance with contractual obligations within the agreed timelines.\u201d<\/em><\/p>\n\n\n\n<p><em>\u201cThe issue to resolve this situation is a business relations matter between Teekay LNG and China LNG Shipping (Holdings) Limited,\u201d<\/em>&nbsp;the company said in a statement.<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An LNG joint venture of U.S.-listed Teekay Group has qualified as a \u201cblocked person\u201d under&nbsp;sanctions imposed by the U.S. last week&nbsp;against two COSCO companies for allegedly transporting Iranian crude. The sanctions were imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman &amp; Ship Management Co. As explained by Teekay, COSCO Dalian &hellip;<\/p>\n","protected":false},"author":1,"featured_media":3383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64,20],"tags":[109,523,428],"class_list":["post-3382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","category-news","tag-cosco","tag-lng","tag-usa"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/3382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=3382"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/3382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/3383"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=3382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=3382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=3382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}