Novel Process Eliminates Emissions and Recovers Valuable Feedstocks

Air Products and Chemicals, Inc. (NYSE:APD) has been selected to supply a hydrocarbon and nitrogen recovery system for a new polyethylene manufacturing plant to be owned by Chevron Phillips Chemical Company and Solvay Polymers, Inc. The new polyethylene plant, to be located at the Chevron Phillips Chemical Cedar Bayou facility in Baytown, Tex., is expected to come on-stream in late 2002.

Air Products' proprietary technology will be able to recover nearly 100 percent of the hydrocarbon off-gas from Chevron Phillips Chemical's slurry phase polyethylene process, and more than 97 percent of the high-purity nitrogen used in degassing, that can then be recycled back to the Company's operations. The exceptional recovery and re-use performance of Air Products' installation eliminates the environmental emissions that are typically associated with flaring or burning plant off-gases.

"Air Products' technology was selected because our technical evaluation considered it to be a 'best-in-class' recovery system," stated Hank Uberecken, the General Project Manager for Chevron Phillips Chemical. "In addition to being a cost-effective control technology, Air Products' hydrocarbon and nitrogen recovery unit enables Chevron Phillips Chemical to achieve the lowest possible VOC and NOx emissions, an important criteria when we were selecting the plant location and the process equipment."

"By thoroughly understanding Chevron Phillips Chemical's operations and requirements, we are able to help them reduce their overall operating costs for degassing polymer," stated Robert N. Davis, Air Products' general manager for hydrocarbons. "It is another example of Air Products' ability to create growth through innovation and the development of superior products and services for our customers."

Air Products' recovery units utilize partial condensation, in conjunction with the company's proprietary pressure swing adsorption technology, to recover hydrocarbons in polyolefin plants, and recycle nitrogen with a purity of greater than 99 percent for re-use in the plant. In addition, there are zero emissions associated with Air Products' technology, thereby simplifying the plant's permitting requirements.

Air Products offers polyolefin technology licensors and plant owners pre-engineered, packaged recovery units that simplify and minimize costs associated with installation. A recovery plant project typically achieves simple payback periods between one and two years, depending on plant size and the site's values for recovered hydrocarbons, nitrogen and utility costs.

Chevron Phillips Chemical and Solvay Polymers will each own 50 percent of the plant and will share its production of general-purpose blow molding high-density polyethylene resins.

Air Products and Chemicals, Inc. (www.airproducts.com) is the world's only combined gases and chemicals company. Founded more than 60 years ago, the business has annual revenues of $5.5 billion and operations in 30 countries. Air Products is a market leader in the global electronics and chemical processing industries, and a longstanding innovator in many industrial markets, including coatings, adhesives and polyurethanes. The company distinguishes itself through its 17,500 employees around the world, who build lasting relationships with their customers and communities based on understanding, integrity and passion.

Chevron Phillips Chemical Co. is one of the world's top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics and specialty chemicals. The company, equally owned by Chevron Corporation and Phillips Petroleum Company, is headquartered in Houston, Texas.

NOTE: This release may contain forward-looking statements. Actual results could vary materially, due to changes in current expectations.