Shares of Teekay Corporation (NYSE: TK) and subsidiary Teekay LNG Partners (NYSE: TGP) are up 23.4% and 15.2% respectively at 3 p.m. EDT on Oct. 22. Today's big jump follows news that a joint venture between Teekay LNG and a company partly owned by China's COSCO Shipping Tanker would no longer be held up by U.S. sanctions against the latter company.
A failure to resolve this issue would have caused a lot of problems for Teekay and Teekay LNG. The latter's share price fell 10% on Sept. 30, when it announced the impact of sanctions on its joint venture with a COSCO subsidiary.
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