PetroChina Company Ltd. has signed a license agreement to use Basell's Hostalen technology for a new 300 KT per year high density polyethylene plant in Jilin, the People's Republic of China.

"This is the first license in China for the bimodal Hostalen HDPE process", said Just Jansz, president of Basell Technology Company, who participated in a signing ceremony in Beijing on March 27, 2004. "The Hostalen process is the leading low-pressure slurry cascade process for the production of monomodal and bimodal HDPE, including PE 100 pipe and high tenacity film grades. A key feature of the products manufactured with the Hostalen process is their excellent combination of processability and mechanical product properties. The introduction of this technology will further enhance PetroChina's leading position in the fast growing polyolefin market in China."

Uhde GmbH of Germany was selected as the engineering contractor for the new plant.

PetroChina is the largest integrated oil and gas producer in China and is engaged in refining and the production and sale of chemical products. This is the sixth license for a Basell technology that PetroChina has signed in the past two years. The others are two 200 KT per year Lupotech T process low density polyethylene (LDPE) plants; and three Spheripol process polypropylene plants with a total capacity of 800 KT per year.

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 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