China completes first yuan-settled LNG trade

[Zsari]

China completes first yuan-settled LNG trade​

TUE, MAR 28, 2023 - 07:52 PM
UPDATED TUE, MAR 28, 2023 - 7:57 PM

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CHINESE national oil company CNOOC and France’s TotalEnergies have completed China’s first yuan-settled liquefied natural gas (LNG) trade through the Shanghai Petroleum and Natural Gas Exchange, the exchange said on Tuesday (Mar 28).​

Approximately 65,000 tonnes of LNG imported from the UAE changed hands in the trade, it said in a statement.
TotalEnergies confirmed to Reuters that the transaction involved LNG imported from the UAE but did not comment further.

CNOOC did not immediately respond to a request for comment.
China has placed an emphasis on settling oil and gas trades in yuan in recent years in a bid to establish its currency internationally and to weaken the US dollar’s grip on world trade.
Russia has increasingly embraced the yuan amid Western sanctions.

https://www.businesstimes.com.sg/international/china-completes-first-yuan-settled-lng-trade