Company changes ownership structure in response to US Iran-related sanctions

By operation of US sanctions imposed in September 2019 on COSCO Shipping Tanker (Dalian) Co., Ltd. pursuant to Executive Order 13846, that company’s 50%-owned subsidiary, China LNG Shipping (Holdings) Limited was designated as a blocked person under the rules of the Office of Foreign Assets Control of the US Department of the Treasury.  China LNG Shipping in turn owned 50% of a joint venture, Yamal LNG, which also qualified as a blocked person as a result of the COSCO designation.  The other 50% owner of the joint venture, Teekay LNG Partners L.P., was also blocked as a result of its ownership in the blocked joint venture. 

However, Teekay and Yamal (the joint venture) and the JV co-owner, China LNG Shipping, have now been unblocked, following an ownership restructuring effected by the COSCO group, whereby ownership of China LNG Shipping was transferred from COSCO Dalian to a non-sanctioned COSCO entity, effectively lifting the sanctions from Teekay. 

Form 6-K

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