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HUNSTMAN SUSPENDS WORK ON PLANNED MDI PLANT IN EUROPE (2/16/09)

February 16, 2009
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Huntsman Corporation announces it has suspended work on design and feasibility studies for its planned investment in a new methylene diphenyl diisocyanate (MDI) plant at its site in Rozenburg, the Netherlands, because existing production capacity is adequate to meet current demand for MDI-based polyurethanes following the downturn in global economic growth.

The design and feasibility studies, which include preliminary engineering for the planned 400,000 metric tons capacity unit, will be halted at a stage to allow quick and efficient re-engagement at a future date. Until such time, all third party work on the project will be suspended.

"We fully expect to see MDI growth return to historical levels as the global economy and consumer demand recover,” said Polyurethanes Division President, Tony Hankins. “However, we believe it prudent to suspend the timetable for this major investment until we have greater visibility on how long this will take. We plan to review market conditions on a regular basis, and when we do restart the project, we will likely benefit from lower engineering and construction costs, as the price of commodities such as steel and other construction materials decline.”

For more information, visit www.hunstman.com.

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