ICBC Asia and Shanghai Branch Facilitate First LNG Cross-Border RMB Settlement for CNOOC Gas & Power

ICBC (Asia) recently, in coordination with ICBC Shanghai Branch, assisted CNOOC Gas & Power Group International Trading Co. , Ltd. in adopting RMB settlement for its first LNG 'Cross-Border Pass' (pilot) transaction. The transaction was jointly launched by CNOOC Gas & Power Group Co. and the Shanghai Petroleum and Natural Gas Exchange, initiating full-process closed-loop management of 'order placement – procurement – settlement' for related transactions across domestic and overseas markets.

ICBC (Asia) and ICBC Shanghai Branch completed the closed-loop clearing through the ICBC Group's integrated cross-border RMB payment system covering domestic and overseas operations.