Russia's Novatek plans China LNG sales in yuan

BARCELONA, (Reuters) - Russian liquefied natural gas (LNG) producer Novatek plans to sell some of its future production to China in yuan, its chairman said.

“We are thinking about this. It is the right idea. Our central banks are working on it,” Leonid Mikhelson told reporters at an industry event in Barcelona, Spain.

Novatek plans to produce 37.5 million tonnes of LNG by 2025, he said, adding that the plan was to sell 80 percent of those supplies to Asia.

He said LNG demand globally could rise to 700 million tonnes by 2030, up from 300 million tonnes a year. (Reporting by Henning Gloystein; editing by Alexander Smith

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