Kuwait enters the race to acquire Shell's chemical 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. Citing informed sources, the newspaper said that private investment firm Apollo Global Management and the chemical arm of the state-owned Kuwait Petroleum Corporation also expressed interest in these assets, as Shell seeks to divest from underperforming chemical plants. Shell, Exxon Mobil, LyondellBasell, Apollo, and Kuwait Petroleum Corporation did not immediately respond to Reuters’ requests for comment outside regular business hours. The newspaper noted that Shell’s chemical business in the United States includes plants at four locations in Louisiana, Texas, and Pennsylvania, producing chemicals used in the plastics, detergents, and pharmaceutical industries. It revealed that potential buyers submitted non-binding offers last month, ranging from purchasing the entire business to partial acquisitions. According to the Financial Times, the mentioned price is significantly lower than the capital Shell has invested in these facilities.