COSCO Dalian is a 50% shareholder in China LNG Shipping (CLNG) and as such this subsidiary qualifies as blocked under the US sanctions.
Teekay shares rose around 23% from October 22 to October 23.Teekay postponed its investor and analyst meeting, which had been due to be held on October 2 in New York, and has said this will now be rescheduled.The company said the redesignation had been achieved following an ownership restructuring of COSCO Shipping Energy Transportation. A Teekay and COSCO joint venture operating LNG tankers serving Yamal LNG has been cleared to resume operations.The venture, which holds four Arc7 LNG carriers, with another two on the way, had been classified as a “blocked person” under US sanctions. Mobilisation engineering: we can design and execute vessel conversions, perform equipment performance and integration analysis and provide you […]
We are able to provide a complete solution, from structural engineering to finite elements analysis and from wave load to intact and damage stability analysis. If enforced, sanctions would delay major energy projects, especially the LNG market reports Reuters. Yamal LNG (Russian: ОАО "Ямал СПГ") is a joint venture based around a liquefied natural gas plant located in Sabetta at the north-east of the Yamal Peninsula, Russia.In addition to the LNG plant, the project includes production at the Yuzhno-Tambeyskoye gas field, and the transport infrastructure, including the Sabetta seaport and airport. In response to the situation, Novatek said on Monday that the shipments regarding the Yamal project were not related to the sanctions … Yamal LNG hits 20 mt milestone October 1, 2019, The Russian gas independent, which operates Yamal LNG, said it had received notification that the Teekay venture had been cleared under OFAC rules. Novatek: TC LNG Shipping JV off “Blocked Person” list
Teekay has said that, following a restructuring, the venture no longer qualifies as such. U.S. sanctions against COSCO will not affect Yamal LNG supplies The Russian gas independent, which operates Yamal LNG, said it had received notification that the Teekay venture had been cleared under OFAC rules. Both tankers were carrying crude from the Port of Primorsk to China, taking just over seven days each to cross the NSR and without icebreaker escort.The company’s CEO Igor Tonkovidov noted that using LNG as fuel for the tankers provided “a significant reduction of the tanker’s emission footprint, which is critical given the fragility of Arctic ecosystem”. The United States imposed sanctions on COSCO Shipping Tanker (Dalian) and COSCO Shipping Tanker (Dalian) Seaman & Ship Management for allegedly carrying Iranian crude oil.Teekay LNG’s 50-50 Yamal LNG JV was blocked under the sanctions because its partner China LNG Shipping (CLNG) is 50 percent owned by COSCO Dalian.In response to the situation, Novatek said on Monday that the shipments regarding the Yamal project were not related to the sanctions imposed on COSCO.Teekay LNG, through its affiliates and joint ventures, owns four Arc7 LNG tankers conducting LNG shipments for Novatek’s Yamal LNG project in northern Russia.The venture owns the Eduard Toll, Rudolf Samoylovich, Nikolay Yevgenov, and Vladimir Voronin tankers, which began operations in December 2017.While the Georgiy Ushakov, another Teekay Arc7 tanker, will be heading to Yamal after sea trials, and the sixth, Yakov Gakkel, is currently undergoing tests.A further nine Arc7 tankers serving the Yamal plant are managed by Dynagas, Mitsui OSK Lines, and Sovcomflot.Yamal has been producing and shipping LNG above its expected capacity of 16.5 million tonnes a year (mtpa), shipping 12.8 mtpa so far this year.The sanctions are affecting Teekay’s Yamal LNG joint venture.
Saltwater Engineering B.V. Restricting access to piping for the build of pipelines or drilling pipes, floating drilling […] Yamal LNG (Russisch: Ямал СПГ, Jamal SPG) is een project voor een nieuwe installatie voor het maken van vloeibaar aardgas, lng, bij Sabetta in het noordoosten van het Jamal-schiereiland, Rusland.Het Russische bedrijf Novatek is de operator en grootaandeelhouder. De bouw is in 2013 gestart en in november 2018 kwam de derde en laatste installatie in productie. Sovcomflot has recently announced increased used of the route, using LNG-fuelled tankers to shift crude to Asia.Sovcomflot’s Mendeleev Prospect and the Lomonosov Prospect reached Cape Dezhnev, the easternmost point of the NSR on October 19 and October 16 respectively. As a result, Teekay’s 50:50 partner in the LNG venture, China LNG Shipping, no longer qualifies to be sanctioned.The remaining two Arc7 LNG carriers are expected to be delivered in the fourth quarter of this year.A statement from Novatek confirmed that the venture was no longer a blocked person.
Yamal LNG Ships 20 Million Tons of LNG
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