Saturday, April 1, 2023

French Energy Giant TotalEnergies Makes LNG Deal With China That Bypasses The US Petrodollar

China is trying to have its currency, the renminbi yuan, replace the US dollar as universal means of payment in international trade. Reuters 

RFI: 'Petrodollar' at risk as TotalEnergies sells LNG to China in yuan 

Chinese and French energy companies this week finalised the first-ever deal on liquified natural gas (LNG) in China settled in the renminbi yuan currency. The trade, involving 65,000 tons of LNG imported from the United Arab Emirates, marks a major step in Beijing's attempts to undermine the US dollar as universal "petrodollar" for gas and oil trade. 

Yu Jin, the general manager of the China National Offshore Oil Company (CNOOC,) which closed the deal with TotalEnergies, says global resource procurement based on the yuan could "promote the globalisation of energy trading and build a more diversified ecology."  

Read more .... 

Update #1: China completes first yuan-settled LNG trade (Reuters) 

Update #2: Goodbye US Dollar: China, France Complete First LNG Transaction In Yuan (The Deep Dive) 

WNU Editor: I must confess that the speed at which the US dollar is being replaced as the global reserve currency is astounding. And as the above report reveals, even US allies are making deals bypassing the US petrodollar.


Ron said...

All because of Ukraine. Biden's policies toward Russia has forced Russia to create a new financial order in order to survive. Us Americans are about to get what we voted for good and hard.

B.Poster said...

Russia is the most powerful country in the world followed by China. Obviously such stupidly on the part of our leadership class couldn't be expected to end well. Obviously mid to long term our "allies" would be expected to act accordingly.

Hans Persson said...


Hans Persson said...

Hey Poster, I actually thought you were slow. Turned out your handler were slower :P

Jac said...

This is spectacular but stupid too. This is not the first time that countries want to supplant the dollar but it has failed each time. Why? well, as long as the US is the leader in technologies, all countries will need to have dollars to buy them. And the domino effect will do the rest.

Anonymous said...

Good point, but all this was predictable.

Anonymous said...

When the US has all the money,and every western business is pulling out of China and Russia don’t think it really matters…

Anonymous said...

A simple copy from the latest thread on 2 April about the Brics and possible second world currency initiative.

Points here are a little bit different, but still valid.

The sad truth is that America cannot last forever,. Once a Christian based country it has turned into something most do not recognize.

Tech is great. Lots of money to be made and has been a boon to the US. But the key to our financial system has been the petrodollar. The PETROdollar.

A commodities based financial instrument.
Tech can and has been copied and replaced.

If Microsoft, Google, Facebook and the rest disappeared right now, the world would go on. If all the oil in the world disappeared right now, the global economies and thier dependent societieis would fall apart.
Tech will not save the American econ system.

B.Poster said...

What exactly is meant by ts. I actually respect your comments and have found you to be very inciteful. Why go out of your way to insult me for no good reason? I don't have a "handler." I think we'd agree on far more things than we disagree on!!

Russia and China are very powerful and need to be treated as such. Failure to properly understand an adversary I'd dangerous. Going out of one's way to create an adversary is beyond stupid.

Now if you have doubts about who I am you can contact me through my company website should you choose to do do. I've made this very easy for anyone to do.

I'm a,patriotic American who has no "handlers." Like many of usI do NOT like our foreign policy!! If I were "slow" I wouldn't have passed the Certified Public Accountancy exam nor would I have successfully navigated poor eyesight. In the future before insulting someone it would be helpful to take the time and effort to try and gain a proper understanding.

Hans Persson said...

I'm sorry Poster.

The thing is when you compare the "US" with those other actors it gets very cringy.

You're comparing an army that has no match.
China has only targeted minority's and its own people with its "Peoples Army". They have no freaking clue what's waiting for them once they say GO.
We now got a taste of what a open modern war can look like, and its fucking terrifying. I have so high thoughts of the regular Ukrainian soldier, every day I see videos of both Ukrainian and Russian die in the most insane way possible.

Remember that the "US" has actual experience and know-how after decades of constant war.
China has to Sun Tzu the shit of them if they're going to even make a dent.

Hans Persson said...

I left out Russia because we all can see how it goes over there in Ukraine.

So respectfully, you're wrong.

B.Poster said...

I could be wrong. I admit that. With that said our leadership has decades of failure. I think they fail to grasp geopolitical reality.

The lives of my loved ones hang in the balance here. Your loved ones aren't in danger. Obviously no one seriously thinks you're serious about actually joining NATO.

Hans Persson said...

And I do remember what you wrote about yourself few years back about almost being blind, much respect.

I cant possible see how Sweden is going to bend backwards to hand over those terrorists/freedom fighters to Turkey. We Swedes already know that were harboring known fugitives, isis, you name it. So I'm not worried. Its probably due gross corruption and money. You think these people come here without the loot? :P

Anonymous said...

Obviously there's no chance of Sweden joining NATO. If our leadership class had a modicum of intelligence, they'd have figured this out and wouldn't have pursued such stupidity. Ideology can make otherwise smart people stupid!!

B.Poster said...

The reason you're seeing "how it goes over there in Ukraine" is because the "west" has so far been unified which won't last and is beginning to break. Furthermore the US military industrial complex is having serious trouble keeping up with Ukrainian demands bringing the US military much closer to the breaking point than is generally known. In contrast, Russia still has allies who can and will, if requested and compensated, contribute more to the effort.

I certainly could be wrong. Very respectfully all you've presented here is talking points from the Zekensky fan club which I and anyone whose really paying attention easily sees through.

Hans Persson said...

What do you think will happen when the "west" are super focused on one goal only without restraints? The lightning attack will be over before they even realize it. Don't be fooled, US air force is something else. What you think they are capable of is just a fraction. I've talked long hours with people from that arm, the tech now is out of this world. I studied the second Iraq war, the initial tactic there with drone missiles and all kind of shit fooling the AA systems was
something I didn't even know existed at the time. Fast forward to now.. Those Chinese will be shooting all their stuff at fake dots.

The only thing stopping it, is a well placed EMP and I think that's what that Putin dude talks about.