The Chinese oil and gas producer CNOOC is likely to trump the Chevron offer and bid around US$20 billion for Unocal, the eighth-biggest US oil company, The Standard of Hong Kong reported, quoting people familiar with the plan. State-run CNOOC would offer US$71.50 a share, 15% more than the California-based Chevron has offered to pay in cash and shares. China's steaming economy urgently needs overseas energy sources to fuel its expansion. CNOOC would have to borrow funds for the deal and observers said the price was high but probably worthwhile for China in the long run.
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