Shell US chemicals assets draw bidders; $8B possible

Shell is shopping its underperforming US chemicals portfolio, with the Financial Times reporting interest from ExxonMobil, LyondellBasell, Apollo Global Management, and Kuwait Petroleum's chemicals arm for assets possibly worth up to $8 billion. The U.S. footprint spans four sites in Louisiana, Texas and Pennsylvania that produce plastics, detergents and pharmaceuticals, with non-binding offers reportedly submitted last month. The asking price signals a steep discount to Shell's cumulative capital invested in the facilities, and bidders have shown interest in either the whole unit or individual plants. This comes as Shell has been pruning non-core assets, including selling its Europe onshore renewables business to TotalEnergies and refocusing on upstream operations and trading. Company executives have said the chemicals portfolio has underperformed and that Shell aims to reduce exposure by 2030, highlighted by large investments such as the Monaca complex in Pennsylvania. The sale process remains uncertain and may not result in a transaction.