China completes first yuan-settled LNG trade

BEIJING: 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, the exchange said on Tuesday.

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.