ExxonMobil among bidders for Shell's U.S. chemicals business valued at $8 billion

Published Aug 24, 07:54 AM UTC

ExxonMobil is among the bidders for Shell's U.S. chemicals business, which could be valued at $8 billion, according to the Financial Times. The U.S. supermajor is competing with LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation. Potential buyers have submitted non-binding offers ranging from partial to full acquisition of the division, which includes four facilities in Louisiana, Texas, and Pennsylvania producing chemicals for plastics and detergents. The potential sale is part of Shell's broader portfolio adjustment strategy, following recent asset sales including its European wind and solar business to TotalEnergies and a stake in a Cyprus gas project to Hungary's MOL. Shell has emphasized focusing capital on long-term value, despite its chemicals business contributing to strong second-quarter results with $9.84 billion in adjusted earnings.