NOVATEK issues update on Arc7 LNG tankers
PAO NOVATEK today announced that Yamal LNG has received notification from TC LNG Shipping L.L.C. (“TC LNG”), the joint-venture owning the Arc7 ice-class tankers, that joint-venture is no longer considered a “Blocked Person” under the US Department of the Treasury’s Office of Foreign Asset Control or “OFAC” rules.
TC LNG, a joint-venture between Teekay LNG and China LNG Shipping (Holdings) Limited, owns Arc7 LNG tankers that are conducting LNG shipments for the Yamal LNG project in the normal course of business.
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company’s upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company’s shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol “NVTK”.