CNOOC, TotalEnergies close first yuan-settled LNG trade

China National Offshore Oil Corporation (CNOOC) and France’s TotalEnergies have completed China’s first yuan-settled purchase of LNG via the Shanghai Petroleum and Natural Gas Exchange.

The exchange revealed this in a statement issued on Tuesday.

According to the statement, the LNG cargo of some 65,000 tonnes will come from the United Arab Emirates.

The UAE currently exports LNG via Adnoc’s LNG plant on Das Island with a capacity of some 6 mtpa. TotalEnergies has a 5 percent in this facility and offtakes volumes.

The SHPGX, which launched international LNG trading in August 2020, said that this first international LNG transaction settled in yuan is a “major event” in China’s oil and gas market reform and promotes multi-currency pricing and cross-border payment.

CNOOC Gas & Power, a unit of CNOOC, and TotalEnergies signed their initial long-term LNG SPA back in 2008 and amended this deal in 2018.

The partners increased the contract volume from 1 million tons per annum to 1.5 Mtpa of LNG, sourced from Total’s global LNG portfolio, and extended the term of contract to 20 years.

State-owned CNOOC is heavily investing in LNG import terminals in China.

This includes building five giant LNG storage tanks at its Zhuhai LNG import terminal in Guangdong and six at the Jiangsu-Binhai LNG terminal.

The Jiangsu-Binhai LNG terminal received the first commissioning cargo from Qatargas in September last year.

Most Popular

Shell wraps up acquisition of Pavilion Energy

UK-based LNG giant Shell has completed its previously announced acquisition of Singapore's Pavilion Energy.

India’s ONGC approves Mozambique LNG investment

India’s state-run ONGC has approved an investment by its unit, ONGC Videsh, into the TotalEnergies-led Mozambique LNG joint venture, which is developing a 12.8 mtpa liquefaction plant at the Afungi complex.

Australia’s Viva Energy seeks FSRU for Geelong project

Australia’s Viva Energy is looking to secure a floating storage and regasification Unit (FSRU) for its proposed LNG import terminal in Geelong, Australia.

More News Like This

India’s ONGC approves Mozambique LNG investment

India’s state-run ONGC has approved an investment by its unit, ONGC Videsh, into the TotalEnergies-led Mozambique LNG joint venture, which is developing a 12.8 mtpa liquefaction plant at the Afungi complex.

Argentina’s Enarsa gets offers for LNG cargo tender

Argentina's state-owned LNG importer Energia Argentina (Enarsa) has received seven offers for its first LNG cargo tender in 2025.

CNOOC’s Binhai LNG terminal gets 100th cargo

China National Offshore Oil Company (CNOOC) has received the 100th cargo at its giant Binhai LNG import terminal in Jiangsu.

US approves financing for Mozambique LNG

The Export-Import Bank of the United States has approved financing for the TotalEnergies-led Mozambique LNG project.