Kuwait enters the competition with major global companies to acquire Shell Chemicals' assets

The Financial Times reported that the chemical assets of oil giant Shell in the United States have attracted interest from potential bidders, including Exxon Mobil and LyondellBasell, according to Reuters. The value of these assets could reach $8 billion. The newspaper cited informed sources as saying that private investment firm Apollo Global Management and the chemical arm of Kuwait’s state-owned Kuwait Petroleum Corporation (KPC) have also expressed interest in the assets, as Shell seeks to divest from its underperforming chemical plants.

Shell, Exxon Mobil, LyondellBasell, Apollo, and KPC did not immediately respond to Reuters’ requests for comment outside regular business hours.

The newspaper noted that Shell’s U.S. chemical business includes plants at four locations in Louisiana, Texas, and Pennsylvania, producing chemicals used in the plastics, detergents, and pharmaceutical industries.

It further revealed that potential buyers submitted non-binding offers last month, ranging from purchasing the entire business to acquiring parts of it. According to the Financial Times, the mentioned price is significantly lower than the capital Shell has invested in those facilities.