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First order! Settlement in RMB

On May 16, it was learned from CNOOC that after 26.5 hours of on-site operation, the liquefied natural gas (LNG) carrier "Malvern" from the United Arab Emirates of the GCC country successfully completed the unloading of the LNG terminal in Guangdong Dapeng, CNOOC. This cargo is China's first imported LNG settled in RMB, marking a substantial step in China's exploration of cross-border RMB settlement transactions in the field of oil and gas trade.

According to data from the General Administration of Customs, in 2022, China imported more than 500 million tons of crude oil and more than 100 million tons of natural gas, of which LNG imports were 63.44 million tons. With the increasing acceptance of RMB in the international market, the conditions for oil and gas traders to try to use RMB settlement are becoming increasingly mature.


The RMB settlement of international LNG trade is conducive to promoting the docking of international and domestic markets, as well as the efficient circulation of resources at home and abroad. According to Wang Xin, Deputy General Manager of Resources and Marketing Department of CNOOC Gas & Power Group, the promotion of international LNG procurement settlement in RMB is a beneficial practice of CNOOC to promote the globalization of energy trade and create a diversified ecology of LNG trading.


The cross-border RMB deal was concluded between CNOOC and Total Energies at the Shanghai Oil and Gas Exchange Center in March. The Malvern ship, loaded with 65,000 tons of LNG, arrived at CNOOC's Guangdong Dapeng LNG terminal on May 15 after 26 days at sea. After the LNG gasification treatment, the ship will be transported to power plants, city gas and other users through pipelines, providing a strong guarantee for the stable supply of natural gas in the Guangdong-Hong Kong-Macao Greater Bay Area.