China National Offshore Oil Corporation (CNOC) and Total Energies completed China's first yuan-denominated LNG transactions through the Shanghai Stock Exchange. According to the Shanghai Stock Exchange, the transaction included about 65,000 tons of liquefied natural gas imported from the UAE.
The Shanghai Petroleum and Natural Gas Exchange announced on Tuesday that the China National Offshore Oil Corporation (CNOC) and Total Energies have completed China's first liquefied natural gas (LNG) transactions to be settled in yuan.
It said in a statement that the transaction included about 65,000 tons of liquefied natural gas imported from the UAE.
Total Energies confirmed to Reuters that the operation was related to liquefied natural gas imported from the UAE, but did not elaborate.
Cnoc did not immediately respond to a Reuters request for comment.
China has focused on settling oil and gas transactions in yuan over the past years in an attempt to consolidate its currency internationally and reduce the dollar's dominance in global trade.
During a visit to the Saudi capital in December, President Xi Jinping declared that China should make "full use" of the Shanghai Stock Exchange as a platform for settling oil and gas trade in yuan.
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