Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Shell-Texaco Venture

ROTTERDAM, Netherlands -- The Anglo-Dutch oil giant Royal/Dutch Shell and U.S. company Texaco Inc. announced Thursday that they had signed an agreement to merge their downstream activities in Europe.

The accord on their refining, distribution and commercial activities will come into effect in mid-1999, Shell announced in a statement.

"Shell and Texaco today announced that they have signed a nonbinding memorandum of understanding with the aim of forming an alliance for their European downstream activities [marketing, distribution, refining and lubricant production]," Shell said. Shell will control 88 percent of the new venture while Texaco will hold 12 percent.