Exxon, Lyondell among suitors for Shell's US chemical assets, could fetch US$8 billion, FT reports
This comes as the British energy major seeks to divest underperforming chemical plants
U.S. energy corporation Shell is attracting interest from multiple suitors for its chemical assets in the United States, potentially worth up to US$8 billion, according to The Financial Times. ExxonMobil, LyondellBasell, private equity firm Apollo Global Management, and Kuwait Petroleum Corporation have all shown interest in the assets, which are situated at four locations in Louisiana, Texas, and Pennsylvania.
These facilities produce chemicals utilized in a range of products, including plastics, detergents, and pharmaceuticals. Non-binding offers were submitted by potential buyers in July, covering either the entire business or specific components. The price point offered is significantly lower than the capital Shell has invested in these facilities.
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