ENERGY

Oil Firms Propose European Cooperation: British Petroleum and Mobil Corp., facing a tough refining market, said they want to combine their European fuel operations to save money. The companies have agreed to combine refining and fuel marketing operations throughout Europe, with $3.4 billion in BP assets and $1.6 billion in Mobil assets. The joint venture would have sales of about $20 billion a year and save the companies hundreds of millions of dollars in expenses. BP and Mobil expect that up to 3,000 jobs could be lost from a combined work force of 17,500 in the areas being affected, with layoffs likely, according to a BP spokesman. The arrangement requires approval from the European Commission and will cost the oil companies about $400 million. But they said that within three years, they should achieve savings between $400 million and $500 million annually.