Chinese Energy Giant PetroChina Sets New Precedent with e-CNY Crude Oil Deal

Last updated:
Freelance Journalist
Freelance Journalist
Andrew Throuvalas
About Author

Andrew is a journalist and content writer with a passion for Bitcoin. His work has been featured with Cryptonews, Decrypt, CryptoPotato, and Bitcoin Magazine, among others.

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: James Jiao/Adobe

In a historical first, PetroChina – a Chinese-state-owned oil and gas company – has officially completed its first international crude oil trade using the digital yuan (e-CNY).

The Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced the transaction on Friday, confirming that PetroChina has bought 1 million barrels of oil. The identity of the seller and the exact yuan-based value of the deal were not disclosed, according to China Daily.

The digital yuan is a central bank digital currency (CBDC) issued by the People’s Bank of China. Usable in both domestic and international transactions, the currency was launched with the partial goal of eliminating cash while also combatting money laundering and terrorist financing.

The SHPGX said on its website that the PetroChina deal is part of its effort to meet government requirements to use the e-CNY in cross-border trade.

Back in March, the SHPGX facilitated the first yuan based based purchase of liquified natural gas between the China National Offshore Oil Corporation and France’s TotalEnergies.

Cross-border transactions using e-CNY reached 10.16 trillion yuan ($1.36 trillion) from January to September, according to the central bank.

Despite volatility this year, a senior researcher from the Bank of China – Youxin – said its prevalence among international organizations is growing. Its growing use within emerging economies is a big contributing factor, with the Bank of Argentina announcing in June that it would make RMB deposits and withdrawals available within its banking system. 
 

More Articles

Blockchain News
Australia’s AML Regulator Targets 13 Crypto and Remittance Firms for Compliance Shortfalls 
Shalini Nagarajan
Shalini Nagarajan
2025-02-17 07:04:30
Bitcoin News
Twelve U.S. States Hold $330M in Saylor’s Strategy Stock Across Pension and Treasury Funds
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-17 06:00:54
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors