Exxon Mobil and LyondellBasell Consider Bidding for Shell’s US Chemicals Assets
Exxon Mobil (NYSE:XOM) and LyondellBasell NV (NYSE:LYB) are among potential bidders interested in acquiring Royal Dutch Shell's (LSE:SHEL) U.S. chemicals portfolio, which could be sold for up to $8 billion. The assets include four facilities across Louisiana, Texas, and Pennsylvania, with the Monaca complex being a key asset capable of producing 1.6 million tonnes of polymers annually. Private equity firm Apollo Global Advisors and Kuwait Petroleum Corporation's chemicals division have also shown interest in the sale process. Non-binding proposals were submitted last month as Shell evaluates its options for divesting these operations, which it aims to reduce due to subpar returns. The company is also exploring potential buyers for its European chemical assets. The U.S. portfolio represents a significant discount compared to Shell's original $14 billion investment in the Monaca complex alone and forms part of broader efforts by Shell to restructure its asset base away from underperforming segments.
Topics: Chemicals Industry Energy Sector Mergers & Acquisitions