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Investing.com-- Shell PLC (LON:SHEL) is considering selling its chemicals assets in the United States and Europe as part of an ongoing effort to streamline operations and focus on its most profitable businesses, The Wall Street Journal reported on Sunday, citing people familiar with the matter.
The energy major has engaged Morgan Stanley (NYSE:MS) to conduct a strategic review of its chemicals division, though no final decisions have been made, the report said.
Among the assets under review is Shell’s Deer Park facility in Texas, which produces a range of olefins used in products such as pharmaceuticals, adhesives, and detergents. The company also operates chemical plants in Pennsylvania and Louisiana, as well as in the U.K., Germany, and the Netherlands, WSJ reported.
Potential buyers could include private equity firms and Middle Eastern companies seeking to expand in Western markets, according to the WSJ report.
The move aligns with CEO Wael Sawan’s strategy to prioritize high-margin operations. Under his leadership, Shell has scaled back some green-energy targets and increased its focus on oil and gas, the report stated.
The company previously sold its chemicals park in Singapore following a strategic review.