Basell And Lyondell Complete Merger Creating LyondellBasell Industries

Rotterdam,UK - Basell AF and Lyondell Chemical Company recently completed their merger, creating LyondellBasell Industries, the world's third-largest independent chemical company.

LyondellBasell businesses include polymers, chemicals, fuels and technology with combined pro forma revenues of nearly US$43B for the 12 months ending Sept. 30, 2007. The company has 60 manufacturing sites in 19 countries on five continents and nearly 15,000 employees worldwide.

"With the combination of Basell and Lyondell, we have created a global leader in the petrochemical industry, with exceptional capabilities in both chemicals and fuels," said Volker Trautz, Chief Executive Officer of LyondellBasell. "Each of our businesses has a long and successful heritage. As we go forward, the values, dedication and ingenuity that made our predecessors strong and successful will remain at the core of our culture."

Basell, which is owned by Access Industries, acquired Lyondell's outstanding common shares for $48 per common share in an all-cash transaction with a total enterprise value of approximately $20B, including the assumption of debt.

LyondellBasell is the global leader in polyolefin technology, production and marketing. It is the largest producer of polypropylene and advanced polyolefin products, a leading supplier of polyethylene and catalysts, and the industry leader in licensing polypropylene and polyethylene processes. The company also is an industry leader in propylene oxide and derivatives and a leading producer of advanced fuel products. Its North American refinery is among the most advanced heavy crude oil refineries in the industry.

"LyondellBasell was formed with a focus on customers and markets, a dedication to operational excellence and an emphasis on innovation," Trautz said. "Our products benefit people and communities all over the world. We are committed to operating our businesses with the highest principles of integrity, ethics and corporate responsibility, including the highest standards of health, safety and environmental performance. As an industry leader, we recognize the importance of being a responsible corporate citizen in our communities."

Len Blavatnik, founder and Chairman of Access Industries, said: "The combination of the world class talent, technology, refining and petrochemical capabilities from Lyondell and Basell creates an unrivaled global petrochemical platform. LyondellBasell is a dynamic addition to Access's industrial portfolio."

Access Industries is a privately held, U.S.-based industrial group that was founded in 1986 and has long-term holdings worldwide in three key sectors: natural resources and chemicals; telecommunications and media; and real estate.

SOURCE: Basell AF and Lyondell Chemical Company