Basell Australia announced today that it will purchase the polypropylene business of Qenos. Targeted timing for completing the transaction is the end of February, pending all necessary regulatory approvals.

Basell and its predecessor companies have been manufacturing polypropylene in Australia for more than three decades and Basell Australia currently operates plants at Sydney (170,000 tonnes) and Geelong (70,000 tonnes). The company plans to expand the Geelong capacity to 130,000 tonnes in early 2006.

“The purchase of the Qenos polypropylene business and our Geelong expansion project are important steps that demonstrate Basell’s commitment to the Australian plastics market and to meeting the expectations of both our existing and new customers,” said Barry Kelly, managing director of Basell Australia. “These steps will also strengthen our ability to respond to increasing regional competition.”

Basell is the world's largest producer of polypropylene, a versatile plastic used in making many household, consumer and industrial goods.  Examples of typical polypropylene applications include bank notes, food and drink containers, home appliances, garden furniture, stadium seating, and vehicle components such as bumper bars and instrument panels.

In addition, Basell is a leading producer of advanced polyolefin products, polyethylene and catalysts, and is also a 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.

Qenos was formed in 1999 and is a joint venture between the Australian company Orica and ExxonMobil Chemical. As well as being the leading producer of polyethylene in Australia, Qenos operates a 45,000 tonnes polypropylene plant at its Altona site.

For additional information, contact:

·                Michelle Talmo, Basell Corporate Communications, at +1 302 438 6574, +1 410 996 1366 or michelle.talmo@basell.com.

·                Barry Kelly, Managing Director, Basell Australia, +61 3 9829 9455 (phone) or +61 3 9829 9531 (fax)