Hoofddorp, The Netherlands, May 14, 2002 - Basell Australia (Holdings) Pty. Ltd. has signed a Letter of Intent to sell the shares of Shorko Australia Pty. Ltd., its wholly owned PP film business, to Moplefan S.p.A.

Moplefan is 80% owned by Dor Chemicals, a company located in Israel and listed on the Tel Aviv Stock Exchange, and 20% by Basell. The sale is subject to due diligence, completion of the definitive agreements and receipt of the appropriate approvals.

The envisaged transaction will provide further potential for Shorko to continue to develop its polypropylene film business as part of a Group fully dedicated to this business.

Moplefan is one of the major manufacturers and distributors of polypropylene film (Biaxially Oriented Polypropylene (BOPP), Cast and Sheet) in the world and today operates through 6 production plants in Italy, Belgium and Israel, with a total capacity of 130,000 tonnes per year. The Moplefan Group employs 600 people.

Dor, based in Haifa, Israel, is specialised in the production of a range of intermediate petrochemical products used in the chemical, plastics, pharmaceuticals, and wood industries, as well as in agriculture and motor fuels. Dor is part of The Dankner Group, one of the leading investment groups in Israel, with diversified capital intensive long-term industrial and other activities.

Shorko is the largest manufacturer of BOPP film in Australia, and the leading supplier of a diverse range of packaging film to the region. Since 1982, it has been developing and producing cutting-edge products designed to enhance, protect and extend the shelf life of most packaged products and is continually increasing product performance, working with new technologies and exploring new solutions. Shorko films are produced at the modern, state-of-the-art complex at Wodonga (Victoria state), which is strategically located between Melbourne and Sydney, the two biggest markets and seaports. The plant has a production capacity of 20,000 tonnes per year and the company employs 115 people.

Basell develops, produces and markets polypropylene, polyethylene, advanced polyolefin materials, polyolefin catalysts and also develops and licenses polyolefin processes. Basell's corporate centre is located in Hoofddorp, The Netherlands; the company has regional headquarters in Wilmington, Delaware, USA; Brussels, Belgium; Mainz, Germany; Sao Paulo, Brazil, and Hong Kong, as well as manufacturing facilities and sales offices in the major markets around the globe.