China Completes First Liquefied Natural Gas cross-border RMB Settlement Transaction

On March 28, 2023, CNOOC and Total Energy completed China’s first domestic purchase transaction of imported liquefied natural gas (LNG) settled in RMB through the Shanghai Oil and Gas Trading Centre platform, with a transaction volume of 3,200,000-3,400,000 million Btus (approx. 65,000 mt). The LNG resources came from the United Arab Emirates, a GCC country.