PRESS: Exxon, Apollo interested in Shell’s US chemical assets sale

Exxon Mobil Corp is interested in Shell PLC’s US chemical assets sale which could be worth USD8 billion, the Financial Times reported on Monday.

Exxon Mobil and LyondellBasell, both based in Houston, Texas, are potential bidders for the assets, which have chemical plants located across four sites in Louisiana, Texas, and Pennsylvania. The plants produce chemicals for use in plastics, detergents and pharmaceuticals.

The sites include the Monaca complex in Pennsylvania, a facility in which Shell has invested USD14 billion. It started production in 2022 and has an output of around 1.6 million tonnes of polymers a year.

Furthermore, private equity group Apollo and the chemicals arm of state-owned Kuwait Petroleum Corp have expressed interest in the assets, the FT said, citing people familiar with the matter.

The sources said that interested parties submitted non-binding indicative offers for the assets in July, with the approaches including proposed acquisitions both of the whole business, and of parts of it.

In total, the assets could be valued at USD8 billion; however, there was no guarantee the sale process would result in a transaction.

Shell shares were up 0.3% at 3,407.50 pence each on Tuesday morning in London, while Exxon Mobil shares were 0.2% higher in pre-market trading at USD164.42 in New York.

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