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Exxon bids for Shell U.S. chemicals unit valued up to $8 billion

The U.S. chemicals business would include four facilities in Louisiana, Texas, and Pennsylvania, and bids are non-binding, covering either parts or the full division.

Reported · Written up by our desk · Energy

Exxon is among the contenders for Shell’s U.S. chemicals business, which could be valued at as much as $8 billion, the Financial Times reported citing unnamed sources familiar with the process.

According to the report, Exxon is competing with LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation, and potential buyers have submitted non-binding offers to Shell that range from proposals to buy parts of the business to offers for the entire division.

Shell’s chemicals unit in the United States includes four facilities located in Louisiana, Texas, and Pennsylvania, producing chemicals used across industries including plastics and detergents.

Shell has said it recently completed other asset sales, including a wind and solar business deal with TotalEnergies that totals 500 megawatts of combined renewable capacity and a Cyprus offshore gas transaction in which MOL bought a 35% stake for $720 million.

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