Walnut Creek, Calif.--Royal Dutch/Shell Group and Commerce One, a creator of electronic business-to-business marketplaces, announced that they will form a joint venture to create a new company that will develop an Internet marketplace for the oil, gas and chemicals industry. The goal is to establish a Web link between buyers and sellers of energy goods and services around the world. The new site, which will be based on the Commerce One MarketSite portal, will be designed to help regional companies compete globally. Shell expects the new site to reduce its procurement costs. Under the terms of the tentative deal--a binding agreement is expected to be signed by the end of March--Shell will have a majority stake in the venture; Commerce One will have an equity stake. An initial public offering of the joint venture is also planned.