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Huntsman To Divest European Base Chemicals, Polymers Business

Commodity chemical producer and marketer Huntsman Corp., Salt Lake City, has signed an agreement with Saudi Basic Industries Corp. (SABIC), Saudi Arabia, under which SABIC will acquire Huntsman’s European Base Chemicals and Polymers business for $700 million.

According to Huntsman, the sale, which is subject to closing adjustments, will enable the company to reduce its United Kingdom pension liabilities by approximately $126 million. In 2005, the European Base Chemicals and Polymers business produced revenues of $2.5 billion. Huntsman’s England-based Pigments division and the aniline and nitrobenzene operations of its Polyurethanes division will not be included in the purchase.

“This is a major step in divesting our commodity businesses as we execute our previously announced strategy of realigning our portfolio to differentiated businesses and paying down debt,” said Peter R. Huntsman, president and CEO, Huntsman.

October 3, 2006