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CNOOC may raise bid to stay in battle for Unocal.

Europe Intelligence Wire

| August 01, 2005 | COPYRIGHT 2005 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

CHINA National Offshore Oil Corporation is considering raising its bid for Unocal after the California company opted to back a rival offer from US major Chevron, writes Martyn Wingrove.

State-controlled CNOOC could come out with an improved offer worth around $20bn in its battle to acquire Unocal and its strong Asian oil and gas assets.

Alternatively, the Hong Kong-listed group may decide to pull out in the face of stiff political opposition in Washington.

Unocal first agreed to be acquired by Chevron ...

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