Exxon, Lyondell among suitors for Shell's US chemical assets, could fetch $8 billion, FT reports

Oil major ​Shell has drawn interest ​from potential bidders, including ExxonMobil and LyondellBasell, ​for its U.S. chemical assets that could fetch up to $8 billion, the Financial Times reported on Monday.

Private equity ‌firm Apollo ⁠Global ⁠Management and the chemicals arm of state-owned Kuwait Petroleum ​Corporation have also expressed interest in the assets, the report ​said, citing people familiar with the matter, as Shell seeks to divest underperforming underperforming chemical plants.

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Shell, ​ExxonMobil, LyondellBasell, Apollo, and ⁠Kuwait Petroleum did ‌not immediately respond to Reuters ​requests ​for comment outside regular business hours.

Shell's ⁠U.S. chemicals business includes plants at four sites ​in Louisiana, Texas and Pennsylvania that ​produce chemicals used in plastics, detergents and pharmaceuticals, the FT added.

Potential buyers submitted non-binding offers last month, the newspaper said, with bids ranging from proposals for the entire business to ‌parts of it.

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The reported price represents a steep discount to the ​amount of capital ​Shell has ⁠invested in the facilities, according to the FT.

Earlier this month, Shell agreed to sell its onshore renewables power ​business in Europe to TotalEnergies, as the British energy major continues to scale back its low-carbon investments and sharpen its focus on upstream operations and trading.