CNOOC, Pavilion close yuan-settled LNG deal

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

The two firms completed the trade via the Shanghai Petroleum and Natural Gas Exchange on August 22, according to a statement by the SHPGX.

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

The exchange said that the LNG shipment will be sourced from Northeast Asia and delivered to Hong Kong in October.

Pavilion will pay for the shipment in yuan, marking the first international LNG sale transaction settled in yuan, the SGHPX said.

This move 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.

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.

Besides this deal, Pavilion and CNOOC recently completed their first LNG bunkering operation in China.

During the operation, CNOOC’s converted large LNG bunkering vessel, Hai Yang Shi You 301, delivered liquefied natural gas to Maran Tankers Management’s VLCC, Maran Dione, in the Guangzhou port.

This operation marked Pavilion’s first foray in supplying LNG bunkering solutions overseas and also CNOOC’s first delivery to an LNG-powered VLCC at an anchorage in Chinese waters.

- Advertisements -

Most Popular

CoolCo reveals more details on GAIL LNG carrier charter deal

LNG carrier operator CoolCo has revealed more details regarding its recent 14-year charter deal with India’s largest gas utility...

Golden Pass LNG contractor Zachry files for bankruptcy

US construction company Zachry said on Tuesday it has filed for bankruptcy, initiating a structured exit from the Golden...

Golar says progress made on new FLNG deal

Floating LNG player Golar LNG is working to sign definitive agreements for an up to 20-year FLNG deployment. In February,...

More News Like This

China’s CNOOC completed more than 100,000 Binhai LNG truck loading ops

State-owned China National Offshore Oil Company (CNOOC) has completed more than 100,000 truck loading operations at its Binhai LNG...

Singapore LNG bunkering volumes jump

Singapore's LNG bunkering sales jumped in the first four months of this year, reaching a new record, according to...

MOL’s LNG carrier equipped with new GTT containment tech delivered in China

China's Hudong-Zhonghua hosted a naming ceremony on Wednesday for MOL’s 174,000-cbm LNG carrier, Greenergy Ocean, equipped with GTT’s NO96...

EPS wraps up its 200th LNG bunkering operation

Singapore’s Eastern Pacific Shipping has completed its 200th ship-to-ship LNG bunkering operation, as the company’s fleet of LNG-fueled vessels...