A Chinese energy group has closed its first LNG deal priced in yuan with a French buyer, signaling an important shift in how some energy trades are settled. The transaction was disclosed by a report from Business Times, which cited a statement from the Shanghai Oil and Gas Exchange.
The milestone involved China National Offshore Oil Corporation (CNOOC), a state-owned giant in China’s energy sector, partnering with France’s TotalEnergies to complete the nation’s inaugural yuan-denominated LNG sale through the Shanghai market platform.
The deal noted a shipment of 65 thousand tonnes of LNG sourced from the United Arab Emirates, marking a notable cross-border settlement in Chinese energy trade.
CNOOC ranks as China’s third-largest oil company, following PetroChina Company Limited (CNPC) and Sinopec. Established in Beijing in 1982, CNOOC focuses on exploration, production, processing, and marketing of oil and natural gas from offshore resources at home and abroad.
TotalEnergies, a leading global energy firm, operates across more than 130 countries and regions. Its activities span Europe, the Middle East, North Africa, the Asia-Pacific, and the Americas, with a workforce exceeding one hundred thousand employees.