China National Offshore Oil Corp set to outbid Chevron for Unocal Corp.

The Financial Times reports that after months of talking, the China National Offshore Oil Corp, the nation's third largest oil producer is set to beat Chevron's US$16.7 billion bid for U.S. oil group Unocal Corp.,

In May, non-executive directors at China National Offshore Oil Corporation, hired independent advisers to review the management's bid