July 15, 2014
Teekay LNG Partners is on the growth path! Six LNG carrier newbuildings will be built in partnership with our new joint venture partner, China LNG Shipping (CLNG), for the Yamal LNG Project in Northern Russia. On July 8, Teekay LNG Partners finalized contracts for six 172,000 cubic meter ARC7 LNG carrier newbuildings. The LNG carriers will be constructed by Daewoo Shipbuilding & Marine Engineering Co., Ltd. of South Korea. Read the full release here. These LNG vessels represent a $2.1 billion investment – TGP’s largest deal to date – and will be on charter for the Yamal LNG Project, a strategic international energy project sponsored by Novatek, Total and China National Petroleum Corporation (CNPC). The project is expected to produce 16.5 million metric tons of LNG annually which represents a big impact for future global LNG supply. As commented by Teekay’s CEO Peter Evensen, “these vessels also add to Teekay LNG’s existing pipeline of growth projects scheduled to deliver between now and 2020, which includes our five MEGI LNG carrier newbuildings, 10 LPG carrier newbuildings ordered through our Exmar LPG joint venture, and our ownership interest in four LNG carrier newbuildings that will be chartered to BG Group.” In thevideo above, Teekay’s Gas Business Analyst, Kate Mackay, provides an insight of the Yamal LNG Project, our new joint venture partners CLNG and all the details about the ARC7 icebreaker LNG carriers.