Milan, Italy, February 27, 2004 - Basell and PetroChina Company Ltd. have signed a licensing agreement for PetroChina to use Basell’s Lupotech T process for a new 200 KT per year low density polyethylene plant in Lanzhou, which is located near the geographic centre of the People’s Republic of China. The agreement, signed at a ceremony in Beijing, is PetroChina’s second contract for a Lupotech T process license. A license agreement for a 200 KT per year plant at Daqing was signed in 2002.

"Over the past several years, the Lupotech T process has been the preferred technology selected by the end users versus other competitors for the low density polyethylene market in China," said Werner Breuers, president of Basell’s Technology Business. "We attribute the success of the process to its ability to provide a wide range of products with a continuously improved technology."

PetroChina is the largest integrated oil and gas producer in China and is engaged in refining and the production and sale of chemical products. In March 2003, PetroChina awarded Basell the largest single contract ever for a license for polypropylene plants; three new PetroChina plants with a total capacity of 800 KT per year will use Basell’s Spheripol process technology.

"China is the fastest growing polyolefins market in the world, and PetroChina continues to show its leading position and significant growth potential," said Breuers. "PetroChina’s selection of the Lupotech T and Spheripol processes for its new plants demonstrates confidence in Basell’s polyolefin technologies."

In addition to developing and licensing polyolefin processes, Basell is the world's largest producer of polypropylene and advanced polyolefins products and a leading supplier of polyethylene and catalysts. Basell, including its joint ventures, has sales in more than 120 countries. The Basell corporate centre is in Hoofddorp, The Netherlands, and the company has regional offices in Brussels, Belgium; Mainz, Germany; Elkton, Maryland, USA; Sao Paulo, Brazil, and Hong Kong. The company’s Internet address is www.basell.com.

For additional information contact Basell’s Licensing organisation at licensing@basell.com, or Michelle Talmo of Basell’s Corporate Communications Department at +1 302 438 6574, +1 410 996 1366 or michelle.talmo@basell.com