Chinese national oil company CNOOC and France’s TotalEnergies have completed China’s first yuan LNG transaction through the Shanghai Oil and Natural Gas Exchange, the exchange said on Tuesday. Approximately 65,000 tons of LNG imported from the United Arab Emirates were sold.
TotalEnergies confirmed to Reuters that the transaction involved LNG imported from the United Arab Emirates, but did not comment further. While CNOOC did not immediately respond to a request for information.
In recent years, China has emphasized settling oil and gas transactions in yuan, in an attempt to establish its currency internationally and weaken the dollar’s dominance in world trade. According to specialists, such a transaction would signal the end of the use of the US dollar for energy exchanges.
For its part, Russia has increasingly embraced the yuan amid Western sanctions.
During a December visit to the Saudi capital, Riyadh, President Xi Jinping announced that China would “fully use” the Shanghai stock exchange as a platform to settle oil and gas transactions in yuan.
About the companies
Founded in 1982, CNOOC It is the third largest oil company in China, after CNPC and Sinopec. The Chinese corporation is engaged in the production, processing and marketing of oil and natural gas.
the french TotalEnergies is one of the world’s largest energy firms with a presence in more than 130 countries, extracting oil and gas in Europe, the Middle East, North Africa, the Asia-Pacific region, as well as North and South America, from according to Sputniknews.
Source: Larepublica
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