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First Abu Dhabi Bank: No Longer Considering Possible Offer for StanChart

First Abu Dhabi Bank (FAB). Reuters file photo
First Abu Dhabi Bank (FAB). Reuters file photo
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First Abu Dhabi Bank: No Longer Considering Possible Offer for StanChart

First Abu Dhabi Bank (FAB). Reuters file photo
First Abu Dhabi Bank (FAB). Reuters file photo

First Abu Dhabi Bank (FAB), the United Arab Emirates' biggest lender, said on Thursday it was considering a bid for London-listed Standard Chartered but was no longer doing so.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving Stanchart shares up as much as 20%.

The shares pared the gains to trade up 6% at 1421 GMT following FAB's statement that it was no longer pursuing a potential deal.

The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank.

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Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
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Gazprom, CNPC Discuss Future Russian Gas Supplies to China

A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo
A view shows a board with the logo of Russian gas producer Gazprom at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 5, 2024. REUTERS/Anton Vaganov/File Photo

The heads of Russia's Gazprom and China's energy company CNPC discussed future Russian gas supplies to China during talks in Beijing, Gazprom said on Friday, as Moscow seeks stronger ties with the world's biggest energy consumer.

Russia, the holder of world's largest gas reserves, has diverted oil supplies from Europe to India and China since the start of the conflict in Ukraine in February 2022, Reuters said.

At the same time, Russia's diversification of pipeline natural gas from the European Union has been slow.

It started gas exports to China via the Power of Siberia pipeline in the end of 2019 and plans to reach the pipeline's annual exporting capacity of 38 billion cubic meters this year.

Russia and China have also agreed on exports of 10 bcm of gas from Russia's Pacific island of Sakhalin starting from 2027.

However, years of talks about the Power of Siberia 2 pipeline, which would ship 50 bcm of gas per year to China via Mongolia, have yet to be concluded as the two sides disagree over issues such as the gas price.

Russian President Vladimir Putin is set to travel to China in early September to participate in celebrations marking the anniversary of the victory over Japan in World War II.

The trip follows Chinese President Xi Jinping's visit to Moscow in May.