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Unocal Shares Up On China Feasible Outbid

The shares of US oil company Unocal Corp. were up on Tuesday after a report that the Chinese biggest oil producer CNOOC may outbid the US oil major

The shares of US oil company Unocal Corp. were up 2.7 percent on Tuesday after a report that the Chinese biggest oil producer CNOOC may outbid the US oil major Chevron Corp.'s in the takeover of Unocal by the end of the week.

According to reports, CNOOC is poised to bid $20 billion U.S. dollars for Unocal, offering $71.50 a share. The rival offer would beat Chevron's $18 billion cash and stock bid presented in April.
Unocal is the number 9 oil and gas producer in the US, while Chevron is second to Exxon Mobil Corp.

China?s state-owned CNOOC Ltd. is a leading producer of crude oil and natural gas in offshore China.