CNOOC and Engie complete yuan-settled LNG deal

China National Offshore Oil Corporation (CNOOC) and France’s Engie have completed an international LNG trade settled in yuan.

Singapore-based units of the two firms completed the trade via the Shanghai Petroleum and Natural Gas Exchange on October 17, according to a statement by the SHPGX.

Under the deal, Engie will supply a cargo of 65,000 tonnes of LNG to CNOOC in November, the exchange said.

The statement did not provide further details regarding the deal.

The SHPGX, which launched international LNG trading in August 2020, previously said that these LNG transactions settled in yuan are a “major event” in China’s oil and gas market reform and promote multi-currency pricing and cross-border payment.

This new deal follows China’s first yuan-settled purchase of LNG via the SHPGX and completed by CNOOC and France’s TotalEnergies in March.

Under this deal, TotalEnergies sourced the LNG cargo of some 65,000 tonnes from the UAE.

After this, a unit of China’s state-owned energy giant PetroChina and a subsidiary of UAE’s Abu Dhabi National Oil Co (Adnoc) also completed a cross-border LNG trade settled in yuan.

In addition, CNOOC and Singapore’s Pavilion Energy recently finalized an international LNG trade settled in yuan.

Under the deal, CNOOC Trading (Singapore) will supply a cargo of 65,000 tonnes of LNG to Temasek’s unit in October.

The exchange noted in the statement that CNOOC is a major LNG importer in China and the company currently operates six LNG import terminals with a total capacity of 32.6 million tonnes per year.

CNOOC recently hydro tested one of the six giant LNG storage tanks at its Binhai LNG import terminal in Jiangsu.

The state-owned energy giant is currently building six LNG tanks with a capacity of 270,000 cbm under the Phase I expansion project at its Binhai LNG import terminal in Jiangsu.

These are the world’s largest LNG storage tanks, such as those five at CNOOC’s Zhuhai LNG import terminal in Guangdong, according to CNOOC.

Besides construction activities, CNOOC recently completed the first reloading operation to a large LNG carrier at its Ningbo LNG import facility in Zhejiang since the launch of the plant in 2012.

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