The first order cross-border RMB settlement LNG completes loading and unloading.

On May 16th, the reporter learned from CNOOC that after 26.5 hours of on-site operation, the liquefied natural gas (LNG) carrier "Malvern" from the United Arab Emirates successfully completed loading and unloading at CNOOC Guangdong Dapeng LNG receiving Terminal. 

This cargo is China's first import LNG settled in RMB, which marks a substantial step in China's exploration of cross-border RMB settlement transactions in the field of oil and gas trade. 

The "Malvern" ship was unloaded at CNOOC Guangdong Dapeng LNG receiving Station. 

Wang Xin, deputy general manager of the Resources and Marketing Department of CNOOC Gas and Power Group, said that 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 both domestic and foreign resources. 

Promoting the settlement of international LNG purchases in RMB is a useful practice of CNOOC in promoting the global development of energy trade and creating a diversified ecology of LNG transactions. 

It is understood that the ship "Malvern" loaded with 65000 tons of LNG arrived at CNOOC Guangdong Dapeng LNG receiving Terminal on May 15 after a 26-day sea voyage. 

After 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 for Guangdong-Hong Kong-Macau Greater Bay Area. 

The single cross-border RMB transaction was reached between CNOOC and Total Energy at the Shanghai Oil and Gas Trading Center in March. 

In recent years, the internationalization of RMB has made remarkable progress. At present, RMB is the fifth largest payment currency, the third largest trade financing currency and the fifth largest international reserve currency in the world. 

RMB foreign exchange trading has increased its global market share to 7 per cent, making it the currency with the fastest increase in market share in the past three years. 

With the deepening of the reform of RMB exchange rate formation mechanism, the flexibility of RMB exchange rate has been significantly enhanced, and the willingness of enterprises to use RMB in cross-border trade, investment and financing to avoid the risk of currency mismatch has increased. 

With the recovery of the momentum of China's economic growth and the further opening of the financial market, the investment and risk aversion function of RMB has also been gradually enhanced. 

At the same time, the scale of China's oil and gas imports is expanding. 

According to 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 63.44 million tons were imported from LNG. 

With the increasing acceptance of RMB in the international market, the conditions for buyers and sellers to try to settle in RMB are beginning to mature.