Novatek has issued a statement in respect of the US Department of the Treasury’s Office of Foreign Assets Control order of including COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. into the Iran-related Specially Designated Nationals list and the statement of Teekay LNG Partners L.P. in this respect.
Novatek confirmed that Teekay LNG through its affiliates and joint ventures owns four Arc7 LNG tankers involved in LNG shipments for the Yamal LNG project.
According to Novatek, these specific LNG shipments are not related to the sanctions imposed on COSCO Shipping Tanker (Dalian) Co. and COSCO Shipping Tanker (Dalian) Seaman & Ship Management Co. The issue to resolve this situation is a business relations matter between Teekay LNG and China LNG Shipping (Holdings) Limited.
‘The Yamal LNG project has all the necessary capacities to ensure supplies of LNG produced to customers in accordance with contractual obligations within the agreed timelines’, Novatek insists.
Teekay earlier said that after the US Foreign Assets Control, imposed sanctions on two subsidiaries of COSCO, including COSCO Shipping Tanker (Dalian) Co., Ltd. for allegedly trading oil with Iran with their owned vessels, its Yamal LNG Joint Venture with COSCO Shipping Tanker (Dalian)’s 50% owned subsidiary China LNG Shipping (Holdings) Limited (CLNG) qualifies as a “Blocked Person” under OFAC rules. The Yamal LNG Joint Venture owns four on-the-water Arc7 LNG carriers and two Arc7 LNG carrier newbuildings.
Teekay management has been advised by its partner CLNG that it is actively engaged in seeking a prompt resolution to this issue, Teekay said.