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(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 ...