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06-20-2007

Borealis: Sale of Norwegian Petrochemical Business

Continuing with the restructuring of its Norwegian operations, Borealis AS, Stathelle, Norway, announces that it has reached an agreement to sell its petrochemical business in Bamble, Norway, to Ineos Group Limited, Lyndhurst, United Kingdom, for EUR 290 million. It has also been decided to create a new independent innovation company to take over its innovation center in Bamble and to retain the existing group support functions at the location as a separate unit.

The facilities sold to Ineos comprise a 175,000t/y polypropylene (PP) unit and a 140,000t/y low density polyethylene (PE-LD) unit, as well as a 50% share of the 557,000t/y Noretyl gas cracker. The polyolefin units manufacture plastics mainly for the growing molding, film and fiber, and extrusion coating industries in Northern Europe. As estimated 290 out of 450 Borealis employees are affected by the sale of the operations to Ineos. The remaining employees will move to the newly formed innovation company or provide support to the group. All 165 employees at the Noretyl cracker joint venture will be employed by Ineos once the transactions involving Ineo’s purchase of Borealis’ and Norsk Hydro’s polymer assets are completed.

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