Houston, TX, March 11, 2010

LyondellBasell Announces Receipt of U.S. Bankruptcy Court Approval of Significant Steps in its Chapter 11 Proceedings

LyondellBasell announced today three significant developments toward its emergence from bankruptcy protection. Specifically, LyondellBasell:

• obtained bankruptcy court approval of its Third Amended Disclosure Statement, permitting LyondellBasell to begin soliciting votes on its Third Amended Plan of Reorganization;
• obtained bankruptcy court authorization for a settlement resolving various claims asserted against LyondellBasell’s prepetition secured senior and bridge lenders and providing for treatment of its 2015 noteholders and Millennium noteholders; and
• obtained bankruptcy court approval of an Equity Commitment Agreement entered into on December 11, 2009, with respect to a backstopped $2.8 billion rights offering in which Access is providing a commitment of $805 million.

Holders of the majorities of the Company’s prepetition senior and bridge debt have agreed to support confirmation of the Plan and with the approval of the Disclosure Statement, LyondellBasell can commence solicitation of acceptances of the Plan. It also can now commence the rights offering to holders of its senior secured debt who will be receiving rights under the Plan.

The Bankruptcy Court set the record date for being able to vote on the Plan and to participate in the rights offering as March 11, 2010, and the deadline for voting on the Plan and exercising rights as April 15, 2010. The Confirmation Hearing of the Plan is currently scheduled to commence on April 23, 2010. LyondellBasell remains hopeful that it will emerge from bankruptcy by the end of April.

LyondellBasell Industries is one of the world's largest polymers, petrochemicals and fuels companies. LyondellBasell is the global leader in polyolefins technology, production and marketing; a pioneer in propylene oxide and derivatives; and a significant producer of fuels and refined products, including biofuels. Through research and development, LyondellBasell develops innovative materials and technologies that deliver exceptional customer value and products that improve quality of life for people around the world. LyondellBasell (www.lyondellbasell.com) is privately owned by ProChemie GmbH, a joint venture of Access Industries and ProChemie Holding Ltd.