ROTTERDAM: Anglo-Dutch oil giant Royal/Dutch Shell and the US company Texaco Inc today announced that they had signed an agreement to merge their downstream activities in Europe.

The accord on their refining and distribution activities will come into effect in 1999, Shell announced in a statement. "Shell and Texaco today announced that they have signed a non-binding memorandum of understanding with the aim of forming an alliance for their European downstream activities (marketing, distribution, refining and lubricant production)," Shell said.

SBI to sell gold bars

MUMBAI: State Bank of India, Mumbai main branch, has opened an exclusive counter for the sale of gold to the public on retail basis. Ten tola bar of gold (116.64 grammes) or in multiples thereof would be sold to the public at the bank's selling rate prevailing on the day of the sale, an SBI release said. The purity of gold would be 0.999. Cash upto Rs 50,000 would be accepted as per the prevailing lawsfor purchase of gold. If the amount exceeds Rs 50,000, a draft or a cheque would be accepted but delivery of gold would be made only after realisation of the instrument.