July 22, 2006 – Basell announced today that it has agreed to sell its 36% share in Taiwan Polypropylene Company Ltd (TPP) to Lee Chang Yung Chemical Industry Corporation of Taiwan. In conjunction with the sale, Basell will acquire all shares currently held by TPP in other Basell joint ventures in the region:   SunAllomer in Japan (16.7%), PolyMirae in South Korea (10%) and HMC Polymers Company in Thailand (5%).

The transactions are expected to be completed in August.

“Basell and its predecessor companies have had an excellent shareholder relationship with TPP for more than three decades,” said Ian Dunn, president of Basell International, “and TPP has had a very good track record. The decision to sell was not an easy one, but we believe this path forward is best for the long-term future of TPP. It is also consistent with Basell’s strategic intent to focus in areas where we have built advantaged  feedstock positions.”

Dunn added: “The opportunity to increase our shareholding in HMC, PolyMirae and SunAllomer will better position Basell to support the further development of these companies in the strategically important Asia Pacific region.”

Lee Chang Yung Chemical Industry Corporation is a leading global thermoplastic elastomer manufacturer. Established in 1966, its head office is in Taipei City.

Basell is the world's largest producer of polypropylene and advanced polyolefin products, a leading supplier of polyethylene and catalysts, and a global leader in the development and licensing of polypropylene and polyethylene processes. Basell, together with its joint ventures, has manufacturing facilities around the world and sells products in more than 120 countries. Additional information about Basell is available at www.basell.com.

For more information contact  Michelle Harrell, Basell Corporate Communications, at +1 410 996 1366, +1 302 438 6574 or michelle.harrell@basell.com