Oil and gas giant Shell is exploring a potential sale of its chemicals assets in Europe and the U.S., The Wall Street Journal reports.
The sales considerations are part of a continuing drive by Shell to refocus the company’s business on its most profitable operations. The oil and gas company is reportedly working with bankers at Morgan Stanley on a strategic review of its chemicals operations. The process is in the early stages and Shell has yet to commit to any final decisions.
Among the assets included in the review is Shell’s Deer Park facility in Texas, which produces a range of chemicals such as light and heavy olefins, which can be used to make pharmaceuticals, detergents, adhesives and wire coating. The operation is adjacent to a refinery, which Shell previously sold its stake in.
Shell also has chemical facilities in Pennsylvania and Louisiana in the U.S. In Europe, it has plants in the U.K., Germany and the Netherlands.
