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Teekay lands billion dollar deal with Chinese state bank

New credit agreement with the Chinese state and development bank CEXIM provides Teekay with upwards of USD 1 billion for newbuildings at Chinese shipyards, including tanker and LNG vessels.

Photo: Teekay

Teekay Corporation has signed a credit facility agreement for up to USD 1 billion with Chinese state-owned bank CEXIM, the Export-Import Bank of China, for newbuildings to be built at yards in China for the group's companies, mainly including Teekay LNG Partners, Teekay Offshore Partners and Teekay Tankers, all three of which are listed in New York, informs Teekay in a corporate statement.

The loan and framework agreement is subject to certain formal approvals.

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