GasLog Partners LP Announces that Unitholders Remain Unaffected by U.S. Internal Revenue Service Regulations Effective January 1, 2023

Rhea-AI Summary

GasLog Partners LP (NYSE: GLOP), an international LNG carrier operator, announced that upcoming U.S. Treasury and IRS regulations effective January 1, 2023, will not impact its unitholders. These regulations require a 10% tax withholding on non-U.S. partners’ interests in publicly traded partnerships taxed as partnerships. However, GasLog Partners has opted for C corporation status for U.S. federal tax, exempting its interests from these regulations. This decision ensures that international investors face no additional tax implications regarding their holdings.

Positive

• GasLog Partners' election to be treated as a C corporation protects investors from new IRS regulations.
• No withholding tax will affect non-U.S. unitholders, maintaining attractiveness for international investors.
• The decision aligns with GasLog Partners' strategic positioning in the LNG market.

Negative

• None.

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Majuro, Marshall Islands, Dec. 19, 2022 (GLOBE NEWSWIRE) -- GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP), an international owner and operator of liquefied natural gas (“LNG”) carriers, today announced that the U.S. Treasury and Internal Revenue Service (“IRS”) final regulations that are coming into effect on January 1, 2023, will not affect its unitholders. These regulations oblige brokers, withholding agents and qualified intermediaries to withhold a 10% tax on a non-U.S. partner’s disposition of an interest in a publicly traded partnership that is taxed as a partnership for U.S. federal income tax purposes (“PTP”). As a result, certain non-U.S. brokers may not permit non-U.S. persons to hold such PTP interests in their brokerage account.

GasLog Partners has elected to be treated as a C corporation for U.S. federal income tax purposes and therefore interests in the Partnership are not subject to these regulations.

Contacts:

Robert Brinberg
Rose & Company
Phone: +1 212-517-0810

Email: gaslog@roseandco.com

About GasLog Partners

GasLog Partners is an owner and operator of LNG carriers. The Partnership’s fleet consists of 12 wholly-owned LNG carriers as well as two vessels on a bareboat charter, with an average carrying capacity of approximately 159,000 cbm. GasLog Partners is a publicly traded master limited partnership (NYSE: GLOP) but has elected to be treated as a C corporation for U.S. income tax purposes and therefore its investors receive an Internal Revenue Service Form 1099 with respect to any distributions declared and received. Visit GasLog Partners’ website at http://www.gaslogmlp.com.

FAQ

What impact do the IRS regulations have on GasLog Partners unitholders?

The IRS regulations set to take effect on January 1, 2023, will not affect GasLog Partners LP unitholders due to the company's C corporation election.

Do non-U.S. partners face tax withholding on their interests in GasLog Partners?

No, non-U.S. partners will not face a 10% tax withholding on their interests in GasLog Partners LP.

What is the tax status of GasLog Partners LP?

GasLog Partners LP has elected to be treated as a C corporation for U.S. federal income tax purposes.

How many LNG carriers does GasLog Partners operate?

GasLog Partners operates a fleet of 12 wholly-owned LNG carriers.

What is the average capacity of GasLog Partners' LNG carriers?

The average carrying capacity of the LNG carriers is approximately 159,000 cbm.