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China completes first yuan-settled LNG trade

March, 29 2023
watermark Economic news

According to the statement of the Shanghai Oil and Natural Gas Exchange, the Chinese state oil and gas corporation China National Offshore Oil Corporation (CNOOC) made the first transaction with settlements in yuan, selling liquefied natural gas (LNG) to the French company TotalEnergies.


It is noted that 65 thousand tons of LNG delivered from the United Arab Emirates were sold. Other details are not reported.


CNOOC is China's third largest oil company after CNPC and Sinopec. Founded in 1982, the headquarters is located in Beijing. By 2025, CNOOC plans to form a large-scale offshore gas production system in the South China Sea, which will include several large fields near Hainan. Their proven reserves are expected to amount to about 1 trillion cubic meters by that time.


French TotalEnergies is one of the largest energy companies in the world. It operates in more than 130 countries, produces oil and gas in Europe, the Middle East and North Africa, the Asia-Pacific region, as well as in North and South America. The staff exceeds 100 thousand people.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.