Skip to main content

China settles first LNG trade in yuan with UAE deal

China has held several discussions with countries in the Middle East and North Africa about conducting trade using its local currency.
AFP via Getty Images

DUBAI — The United Arab Emirates was part of a historical transaction carried out on China's national energy trade platform this week.

What happened: China conducted the first ever yuan-settled energy deal involving some 65,000 tons of Emirati liquified natural gas (LNG). The transaction was carried out by China National Offshore Oil Corporation and France's TotalEnergies through the Shanghai Petroleum and Natural Gas Exchange, the exchange reported Tuesday. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.