Oil major Shell has attracted interest from several potential buyers for its US chemicals business, with the assets potentially valued at up to $8 billion, Reuters reported, citing the Financial Times.

ExxonMobil and LyondellBasell are among the companies that have expressed interest in the assets, according to people familiar with the matter cited by the Financial Times. Private equity firm Apollo Global Management and the chemicals arm of Kuwait Petroleum Corporation (KPC) have also reportedly shown interest.

The potential sale comes as Shell seeks to divest underperforming chemical facilities and sharpen its portfolio toward higher-return businesses.

Shell’s US chemicals operations include plants across four sites in Louisiana, Texas, and Pennsylvania. The facilities produce chemicals used in a range of industries, including plastics, detergents, and pharmaceuticals.

According to the Financial Times, potential buyers submitted non-binding offers last month, with proposals ranging from the acquisition of the entire chemicals business to individual parts of the portfolio.

The reported valuation would represent a significant discount to the capital Shell has invested in the facilities, the newspaper reported.

The potential divestment is part of Shell’s broader strategy to streamline its portfolio and focus on businesses with stronger returns. Earlier this month, the company agreed to sell its onshore renewables power business in Europe to TotalEnergies as it continues to scale back selected low-carbon investments while strengthening its focus on upstream operations and trading.

Shell’s portfolio reshaping comes as the company seeks to improve financial performance and concentrate capital on its core businesses.