Unocal Corp. said on Thursday that it has got a waiver from Chevron Corp., enabling it to negotiate with Chevron's Chinese rival bidder for the US gas and oil company.

In a statement issued Thursday, Unocal said it intends promptly to commence discussions with China National Offshore Oil Corporation (CNOOC) Ltd. on its proposed merger offer, which is two dollars higher than Chevron's April bid for Unocal a share.

Unocal on Wednesday received a merger proposal from CNOOC Ltd., an affiliate of China National Offshore Oil Corp., which offers to acquire all outstanding shares of Unocal for 67 US dollars per share in cash or a total of 18.5 billion US dollars in cash.

Unocal said it got a permission from Chevron, which offered 65 dollars a share for Unocal, to engage in discussions with CNOOC Ltd. and its representatives at any time until the date of the Unocal stockholders voting on the proposed merger with Chevron.

Unocal said so far the date of the Unocal stockholder meeting has not yet been set. But it said its board of directors has recommended the Chevron bid to Unocal stockholders and the recommendation remains in effect.

Unocal is an independent natural gas and crude oil exploration and production company. Its principal activities are in North America and Asia.

Source: Xinhua