Shell/Texaco European R&M merger off, refinery to close

Shell Europe Oil Products Ltd. (SEOP) and Texaco Inc. have abandoned plans to merge their European refining and marketing operations. Meanwhile, Shell is on the lookout for other potential partners to strengthen its European R&M business and has slated the closure of its Sola refinery near Stavanger, Norway. In September, Shell and Texaco announced their intention to join forces in European R&M, but analysts saw potential problems with European competition authorities and with duplication of

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