Ownership structure changes in Sabina Petrochemicals joint venture between BASF Corporation, Total Petrochemicals and Shell Chemical

FLORHAM PARK, NJ, and HOUSTON, TX, August 1, 2011 – BASF Corporation and Total Petrochemicals USA, Inc., (TPI) today announced a change in ownership of the Sabina Petrochemicals LLC joint venture that operates one of the world’s largest C4 complexes, which is located in Port Arthur, Texas.  Shell Chemical LP, will exit the joint venture, effective Aug. 1, 2011. As of this date, BASF and Total Petrochemicals will be the sole partners in Sabina with 60:40 ownership shares. BASF will continue to operate the Sabina plants. The terms of the agreement are confidential.

“The change in ownership of the Sabina joint venture marks a milestone in its seven year history,” said Heidi Alderman, Senior Vice President, Petrochemicals, BASF Corporation. “BASF and TPI remain firmly committed to the Port Arthur site and plan to continue to invest in the site to optimize production capacity."

“This new structure provides a stronger partnership between TPI and BASF and allows us to strengthen the synergies between the Total Port Arthur Refinery, the BFLP (BASF FINA Petrochemicals Limited Partnership) and the C-4 Sabina operation,” said Geoffroy Petit, Chief Executive Officer, TPI Petrochemicals USA, Inc.

The Sabina Petrochemicals LLC C4 complex, adjacent to the BASF FINA Petrochemicals Limited Partnership’s steam cracker and Total Petrochemicals USA’s Port Arthur refinery, began operating in 2004. The facility consists of two plants: the world’s largest single train butadiene extraction unit and an indirect alkylation unit. Butadiene is used in the production of rubber and plastics.  Alkylate is used as a fuel additive for high octane gasoline blending.

Total Petrochemicals USA, Inc.

Total Petrochemicals USA, Inc. is headquartered in Houston and produces polypropylene, polyethylene, polystyrene, styrene, base chemicals and transportation fuels. The company employs about 1,700 people in the U.S. and has manufacturing facilities in Texas and Louisiana as well as a research and technology facility in La Porte, Texas and a refinery in Port Arthur, Texas.

www.totalpetrochemicalsusa.com

BASF - The Chemical Company.

BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has approximately 16,400 employees in North America, and had sales of $17.7 billion in 2010. For more information about BASF’s North American operations, visit www.basf.us.

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, and agricultural products to oil and gas. As a reliable partner, BASF creates chemistry to help its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges, such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of more than €63.9 billion in 2010 and had approximately 109,000employees as of the end of the year. Further information on BASF is available on the Internet at www.basf.com or in the Social Media Newsroom at newsroom.basf.com.

P-10-0059