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Shell is reportedly exploring a potential sale of its chemicals assets in Europe and the U.S., according to the Wall Street Journal, citing sources familiar with the matter. The energy giant has engaged Morgan Stanley to conduct a strategic review of its chemicals operations.
Potential buyers could include private equity firms and Middle Eastern companies looking to expand in Western markets. The review is still in its early stages, and Shell has not made any final decisions. Among the assets being assessed is the Deer Park facility in Texas, located next to a refinery Shell sold to Pemex, Mexico’s state oil company.
This move follows Shell’s 2023 sale of its refining and chemicals hub in Singapore, one of the world's largest. The company has been restructuring under CEO Wael Sawan, prioritizing its most profitable sectors—oil, gas, and biofuels—while scaling back on renewables. Earlier this year, Shell warned of lower earnings in its chemicals and oil products division due to reduced seasonal demand.
In December, Reuters reported that Shell was stepping back from new offshore wind investments and restructuring its power division, which was once central to its energy transition strategy.
Shell and Morgan Stanley declined to comment on the potential asset sales.
