Basell announced today that it intends to sell to Repsol YPF its 50% share in the 160 KT per year polypropylene plant in Tarragona, Spain that is operated by Transformadora De Propileno A.I.E., a company jointly owned by Basell and Repsol.

The parties expect to complete the transaction in the next few months following approval by the Spanish regulatory authorities.

“Basell’s goal is to focus on its wholly owned production facilities in Tarragona, which currently have an annual capacity of 360 KT of polypropylene,” said Manuel Fraga, president of Basell Iberica. ”We will continue to supply our customers from those plants and other regional sources.”

About Repsol YPF:

Repsol YPF is Spain’s largest oil producer, a fully integrated oil and gas company with proven reserves of 5.4 billion barrels of oil equivalent, mostly in Latin America, the Middle East and North Africa. The company owns 99% of YPF, Argentina's leading oil company, and has operations in 28 countries. Repsol YPF has five refineries in Spain (as well as stakes in five Latin American refineries) and produces chemicals, plastics, and polymers. It sells gasoline under the brands Campsa, Petronor, and Repsol at more than 3,600 service stations in Spain and has 3,000 stations in Argentina and other locations.

About Basell:

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