China’s CNOOC, French energy firm Engie complete yuan-settled LNG trade

KUALA LUMPUR (Reuters) – Chinese national oil company CNOOC and French energy company Engie have completed a yuan-settled liquefied natural gas (LNG) trade through the Shanghai Petroleum and Natural Gas Exchange.

The transaction was done on the international LNG trading platform, the Shanghai Petroleum and Natural Gas Exchange said in a statement on Tuesday evening, adding that a cargo of about 65,000 metric tons of LNG will be delivered in November.

China has in recent years placed an emphasis on settling oil and gas trades in yuan in a bid to establish its currency internationally and to weaken the dollar’s grip on world trade.

CNOOC had previously conducted China’s first yuan-settled trade with French major TotalEnergies earlier in March, as well as with Singapore’s Pavilion Energy in August for about 65,000 tons of the super-chilled gas.

In April, PetroChina also conducted a yuan-settled LNG trade with ADNOC Trading.

(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips)