China settled its first purchase of liquefied natural gas (LNG) in the yuan as the world’s second-largest economy continues to accelerate the currency’s presence in the international market.
China National Offshore Oil Corporation (CNOOC), the country’s largest offshore oil and gas producer, acquired an LNG shipment from France’s TotalEnergies through the Shanghai Petroleum and Natural Gas Exchange (SHPGX), according to Reuters, citing data from the exchange.
The transaction, which contained approximately 65,000 tons of LNG and was sourced from the United Arab Emirates, was completed in a cross-border yuan settlement.
CNOOC noted that this was a potential launchpad for the greater objective of championing multi-currency pricing, payments, and settlements for LNG….