Shell and ExxonMobil have hired Bank of America as financial adviser to pursue a sale of Infineum, their UK-based specialty chemicals joint venture owned 50-50, according to people familiar with the matter cited by the Financial Times. The business is being marketed at a valuation of about $8 billion, and a formal sale process is expected to launch within days.
Infineum is headquartered in Abingdon, Oxfordshire. It was formed in 1999 by combining Shell’s and ExxonMobil’s lubricant and fuel additives businesses. Its products are sold in 90 countries, and it operates production and blending facilities in Zhangjiagang, Singapore, the United States and India. Annual EBITDA is about $700 million to $800 million.
The lubricant additives market is highly concentrated. Lubrizol, Infineum, Chevron Oronite and Afton together account for about 85% of the global market. Infineum holds a market share of about 23% and is particularly strong in automotive lubricant additives.
Infineum’s Zhangjiagang base has existing composite additive capacity of 100,000 tonnes per year. A magnetorheological fluid additives line was commissioned in 2025, and in 2026 the company is adjusting the product mix for 62,000 tonnes per year of diesel vehicle additives.
The sale is the latest step in Shell’s continued divestment of downstream chemicals assets. In March last year, Shell said it was not the “best owner” of chemicals assets and planned to reduce its chemicals exposure by 2030. Over the same period, it acquired Canadian shale oil and gas producer ARC Resources for $16.4 billion, refocusing on its oil and gas core business. ExxonMobil is also shrinking its specialty chemicals portfolio.
The transaction is still at an early stage, and the people cautioned that a deal may not ultimately be reached. Private equity buyers have been mentioned as possible bidders. If sold at about $8 billion, each company would receive roughly $4 billion in pre-tax consideration.
