Basell has signed an agreement to assume ownership of the 50% portion of Argentina’s Petroken Petroquimica Ensenada that is currently held by its partner in the joint venture, Repsol YPF.

Petroken operates a 180 KT per year polypropylene plant, a 20 KT per year compounding facility and a propylene splitter in Ensenada. The acquisition will have no impact on Petroken’s operations, its leadership or its staffing.

“One of Basell’s strategic objectives is to expand the company’s asset footprint in key growth regions such as South America,” said Patricia Vangheluwe, senior vice president of Basell International. “We believe building upon our investment in Argentina is a logical step to take.”

The transaction is subject to approval by the Argentinean regulatory authorities.

About Basell:

In addition to being the world's largest producer of polypropylene, Basell is the largest producer of 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 more information contact Michelle Harrell (formerly Talmo), Basell Corporate Communications, at +1 410 996 1366, +1 302 438 6574 or michelle.harrell@basell.com