On the 28th, China's first purchase transaction of imported liquefied natural gas (LNG) settled in RMB was concluded, marking a substantive step forward in China's exploration of cross-border RMB settlement transactions in the field of oil and gas trade. It is understood that this single transaction was concluded between CNOOC and Total Energy at the Shanghai Oil and Gas Trading Center. The LNG resources come from the UAE, a GCC country, and the transaction volume of imported LNG settled in RMB is about 65000 tons. According to data from the General Administration of Customs, in 2022, China imported over 500 million tons of crude oil and over 100 million tons of natural gas, including 63.44 million tons of LNG. With the increasing acceptance of RMB in the international market, the conditions for both oil and gas trading parties to attempt to use RMB for settlement have become increasingly mature. Yu Jin, Deputy General Manager of CNOOC, said that promoting the settlement of international LNG procurement in RMB is a beneficial practice for CNOOC to promote the global development of energy trade and create a diversified ecosystem of LNG trading. CNOOC will continue to innovate the business model of international LNG trade and assist the benign interaction between the international and domestic markets. Chen Guozhong, Chief Economist of the Shanghai Development and Reform Commission, said that the Shanghai Petroleum and Natural Gas Trading Center, in conjunction with CNOOC, will carry out RMB settlement of international LNG trade, which is conducive to promoting the docking of international and domestic markets and the efficient circulation of both domestic and foreign resources. Guo Xu, Chairman of Shanghai Petroleum and Natural Gas Trading Center and Vice President of China Economic Information Service, said that China, as one of the important buyers of the global LNG market, has continuously expanded its trading infrastructure and increasingly participated in international trade. In the next step, the Shanghai Oil and Gas Trading Center will continue to play a platform role, strengthen the financial infrastructure construction of cross-border RMB settlement business, build a modern oil and gas trading ecosystem, and provide more convenient channels for the full circulation of international and domestic oil and gas resources. Shanghai Petroleum and Natural Gas Trading Center is an oil and gas trading platform approved by the Shanghai Municipal People's Government and jointly established by Xinhua News Agency, PetroChina, Sinopec, CNOOC, China Huaneng, Shenneng Group, Beijing Gas, China Gas, Hong Kong China Gas, and New Austrian Energy. According to data, in 2022, the bilateral trading volume of natural gas in the Shanghai Oil and Gas Trading Center reached 92.858 billion cubic meters. (Liao Xinshe)