On May 16, 2023, the Malvern ship with a full load of 65,000 tons of liquefied natural gas was unloaded at the Guangdong Dapeng LNG receiving station of CNOOC. A substantial step has been taken in the exploration of cross-border RMB settlement transactions in the field of oil and gas trade.

The Malvern ship loaded with liquefied natural gas from the United Arab Emirates arrived at the Guangdong Dapeng LNG receiving terminal on May 15, 2023 after 26 days of sea voyage. After more than a day of loading and unloading, the unloaded 65,000 tons of liquefied natural gas will be transported to power plants, city gas and other users through pipelines after gasification treatment, providing a guarantee for the stable supply of natural gas in the Guangdong-Hong Kong-Macao Greater Bay Area. This cross-border RMB transaction was concluded between CNOOC and Total Energy at the Shanghai Oil and Gas Trading Center in March.

Wang Xin, Deputy General Manager of the Resources and Marketing Department of CNOOC Gas & Power Group: Carrying out RMB settlement for international LNG trade is conducive to promoting the connection between international and domestic markets, as well as the efficient circulation of both domestic and foreign resources. This promotion of international LNG purchases settled in RMB is a beneficial practice of CNOOC in promoting the globalization of energy trade and creating a diversified ecology of LNG transactions.

As one of the important buyers in the global liquefied natural gas market, China's infrastructure continues to expand, and the number of participants in international trade is increasing, which puts forward higher requirements for international trade services. According to data from the General Administration of Customs, in 2022, China will import more than 500 million tons of crude oil and more than 100 million tons of natural gas, of which 63.44 million tons of liquefied natural gas will be imported.Editor/Ma Xue