CNOOC, TotalEnergies complete first yuan-settled LNG trade

Chinese national oil company CNOOC and France’s TotalEnergies have completed China’s first yuan-settled LNG trade through the Shanghai Petroleum and Natural Gas Exchange, Report informs referring to Reuters.

Approximately 65,000 tons of LNG imported from the UAE changed hands in the trade, it said in a statement.

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 dollar’s grip on world trade.

Russia has increasingly embraced the yuan amid Western sanctions.

During a visit to the Saudi capital Riyadh in December President Xi Jinping announced that China would “make full use” of the Shanghai exchange as a platform to carry out yuan settlements of oil and gas trades.