Shell and Exxon prepare $8bn Infineum sale as Shell narrows focus

Infineum, the chemicals business jointly owned by Shell and Exxon, has tapped Bank of America to run a sale process, according to the Financial Times. The business is valued at about $8bn, and the reported adviser appointment indicates that a transaction is being prepared rather than completed.

The move comes as Shell focuses more tightly on its core oil and gas operations. A sale would turn one of the partners’ chemicals interests into cash and remove the business from their portfolios, but the reported process remains subject to buyer interest and negotiations.

Shell and Exxon are the direct owners affected by the process, while Bank of America is advising on the transaction. The concrete mechanism is a potential change in ownership of Infineum, rather than a reported change to the business’s operations or financial performance.

The reported valuation is an asking or reference point for the sale process, not a confirmed transaction price. The timing, buyer, final proceeds and allocation between Shell and Exxon remain open questions.

The next evidence would be the identification of bidders, any agreement on terms and a completed sale announcement. Those developments would establish whether the roughly $8bn valuation is achievable and how the proceeds are ultimately used.