January 1, 2009

Petroquímica de Venezuela SA (Pequiven), a subsidiary of Venezuela's Oil Company PDVSA, has awarded two contracts to Stamicarbon for providing a license and a process design package to build two new urea plants in Jose and Puerto Nutrias, Venezuela. One plant will have two lines of 2200 mtpd urea capacity each (Jose), whereas the other plant will have one line of 2200 mtpd urea capacity (Puerto Nutrias).

The plants will feature some of Stamicarbon's trademark elements such as Urea2000plus™ Pool Reactor and Safurex® stainless steel. The plants will also use Stamicarbon's fluid bed Granulation Technology, which has quickly won acclaim for its very low formaldehyde consumption and unbeaten on-stream time, both delivering substantial cost advantages.

The urea plants are expected to start production in 2011 (Jose) and 2012 (Puerto Nutrias).

The urea plants are Stamicarbon's first to be established in Venezuela. Stamicarbon is delighted to become part of the fertilizer scene in this important fertilizer producing country and looks forward to a blossoming, successful and durable cooperation with Pequiven.