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CNOOC withdraws bid for Unocal

NEW YORK: China's CNOOC Ltd. said on Tuesday it had withdrawn its $18.5 billion (euro15.14 billion) cash offer for Unocal Corp., stating it had considered raising its bid, and "would have done so but for the political environment in the U.S.'' CNOOC's withdrawal frees the way for Chevron Corp. to clinch its $17.4 billion (euro14.24 billion) bid for El Segundo, California-based Unocal.

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