China's CNOOC, French Energy Firm Engie Complete Yuan-Settled LNG Trade

(Reuters) — Chinese national oil company CNOOC and French energy company Engie have completed a yuan-settled 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.

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