China has just completed its first trade of liquefied natural gas (LNG) settled in yuan, the Shanghai Petroleum and Natural Gas Exchange said on Tuesday. As OilPrice notes, the Chinese state oil and gas giant CNOOC and TotalEnergies completed the first LNG trade on the exchange with settlement in the Chinese currency, the exchange said in a statement carried by Reuters.
The trade involved around 65,000 tons of LNG imported from the United Arab Emirates (because China will never admit that it is re-exporting Russian LNG even though it now does it all the time) the Shanghai Petroleum and Natural Gas Exchange added.
The French supermajor, one of the world’s top LNG traders, confirmed to Reuters that the trade involved LNG imported from the UAE, but declined to comment further on the deal.
France bought 65,000 tons of LNG using the Chinese yuan— Zhao DaShuai 无条件爱国🇨🇳 (@zhao_dashuai) March 29, 2023
The liquified natural gas was bought from the UAE, the payment is settled in the Shanghai Petroleum and Natural Gas Exchange, using Chinese yuan
We are witnessing the end of the US dollar hegemony. pic.twitter.com/GfX17nKxA1