Anglo-Dutch oil giant Shell and Texaco of the United States signalled further consolidation in the oil industry yesterday with plans for a European marketing and refining joint venture. The two are among Ireland's leading petrol retailers with Shell having 340 outlets and Texaco 432 outlets. While both brands will remain in existence, the new joint venture may move to rationalise the number of outlets its operates here.

However, the Royal Dutch/Shell group reiterated it had no plans for a full merger with Texaco, despite persistent market talk of such a deal in the wake of last month's planned BP/Amoco merger.