Shell has reportedly received interest from several potential buyers for its U.S. chemical business, including ExxonMobil and LyondellBasell. According to the Financial Times on Monday, the sale of these assets could be valued at up to $8 billion.
The potential divestment comes as the British energy major seeks to sell chemical plants described as underperforming. Earlier this month, Shell also agreed to sell its European onshore renewables power business to TotalEnergies as part of a strategy to reduce low-carbon investments and focus on trading and upstream operations.
The assets involved in the potential sale include chemical plants at four locations across Louisiana, Texas, and Pennsylvania. These facilities manufacture chemicals utilized in the production of detergents, pharmaceuticals, and plastics. Other interested parties reportedly include the private equity firm Apollo Global Management and the chemicals division of the state-owned Kuwait Petroleum Corporation.
Potential buyers submitted non-binding offers for the assets last month, with some bidders interested in the entire business and others targeting specific parts. The reported $8 billion price tag would represent a significant discount relative to the capital Shell has invested in these sites, according to the Financial Times.
For the broader market, the sale reflects a shift in Shell's corporate strategy toward upstream operations and trading. The reported $8 billion valuation, if accurate, would mean Shell is accepting a price lower than what it spent to build or develop these facilities. This could influence how other energy majors value their own domestic chemical infrastructure and underperforming assets. The involvement of a state-owned entity like Kuwait Petroleum Corporation also indicates continued international interest in U.S. manufacturing infrastructure.
At this stage, a final sale is not guaranteed, and the companies involved—Shell, ExxonMobil, LyondellBasell, Apollo, and Kuwait Petroleum—did not provide immediate comments on the reports. The timeline for a final decision or a binding agreement has not been disclosed, though the Financial Times noted that non-binding offers were submitted last month. Consumers and employees would likely notice no immediate changes until a formal transaction is closed and regulatory reviews are completed.