Shell Chemicals Sale Draws Bids From Exxon, LyondellBasell

Shell is reportedly exploring the sale of its U.S. chemicals division, a move that could yield as much as $8 billion. The energy giant is seeking to divest underperforming assets, drawing interest from notable industry participants including Exxon Mobil (NYSE:XOM) and LyondellBasell NV (F:LYB), according to the Financial Times.

Private equity firm Apollo and Kuwait Petroleum Corporation's chemical arm have also signaled interest. Bidders submitted non-binding offers for the portfolio, which includes four plants located across Louisiana, Texas, and Pennsylvania. Notably, Shell's Monaca complex in Pennsylvania, operational since 2022 with a $14 billion investment, is part of the sale. The potential $8 billion valuation suggests a discount compared to the initial investment in these U.S. facilities. Shell is also reportedly initiating a marketing process for its European chemical assets, though these are anticipated to hold a lower valuation.