Millennium Chemicals 8-K Other Events

Creditors Meeting

Exhibit 99.1

The

statements

in

this

presentation

relating

to

matters

that

are

not

historical

facts

are

forward-looking

statements.

These

forward-looking

statements

are

based

upon

assumptions

of

management

which

are

believed

to

be

reasonable

at

the

time

made,

and

are

subject

to

significant

risks

and

uncertainties.

Actual

results

could

differ

materially

based

on

factors

including,

but

not

limited

to,

the

ability

to

implement

business

strategies;

availability,

cost

and

price

volatility

of

raw

materials

and

utilities;

supply/demand

balances;

industry

production

capacities

and

operating

rates;

uncertainties

associated

with

the

U.S.

and

worldwide

economies;

legal,

tax

and

environmental

proceedings;

cyclical

nature

of

the

chemical

and

refining

industries;

operating

interruptions;

current

and

potential

governmental

regulatory

actions;

terrorist

acts;

international

political

unrest;

competitive

products

and

pricing;

technological

developments;

risks

of

doing

business

outside

of

the

U.S.;

access

to

capital

markets;

and

other

risk

factors.

Additional

factors

that

could

cause

results

to

differ

materially

from

those

described

in

the

forward-looking

statements

can

be

found

in

the

Lyondell,

Equistar

and

Millennium

Annual

Reports

on

Form

10-K

for

the

year

ended

December

31,

2007,

the

LyondellBasell

Industries

AF

S.C.A.

Consolidated

Financial

Statements

for

the

year

ended

December

31,

2007

(U.S.

GAAP),

the

LyondellBasell

AF

S.C.A.

Management

Report

for

the

year

ended

December

31,

2007

and

the

LyondellBasell

Industries

AF

S.C.A.

(IFRS)

Financials

statements

for

the

year

ended

December

2007,

each

of

which

is

available

on

the

Investor

Relations

page

of

the

LyondellBasell

Industries'

website.

This

presentation

contains

time

sensitive

information

that

is

accurate

only

as

of

the

time

hereof.

We

undertake

no

obligation

to

update

the

information

presented

herein

except

to

the

extent

required

by

law.

Disclaimer

LyondellBasell Industries

•

LyondellBasell Industries created on Dec. 20, 2007

–

$44.7billion in annual revenues*

–

More than 60 manufacturing sites

–

Sales in more than 100 countries

–

More than 16,000 employees

*Combined pro forma 2007 revenues

Chemicals

Propylene Oxide

#1

Fuels

Oxy Fuels

#2

Polymers

Polyolefins

#1

Technology & R&D

Polyolefin Licensing

#1

Polyolefin Catalysts

#1

Leading Positions and Extended Geographic

Presence

•

Global geographic diversity

•

Significant presence in fast growing Asian markets

•

Well positioned to access cost advantaged feedstock in the Middle East

North

America

Europe

JVs

ROW

Source:

LyondellBasell Industries and CMAI

Based on 100% of JV capacity.  Rankings based on CMAI information except for Polyolefins ranking which is based on internal LyondellBasell Industries information

Global Rated

Capacity Position

Legacy Basell Manufacturing Sites and JVs

Legacy Lyondell Manufacturing Sites and JVs

2007 Revenues Including JVs

Diverse End Markets

Consumer

Refining /

Fuels

Building

& Construction

Transportation

Packaging

Textiles /

Furnishings

Other

Note:

Estimated based on 2006 revenues

An Integrated System

Olefins

Hydrogen

Olefins

C4s

Olefins Feed

Gasoline Components

Gasoline

Components

Propylene

Oxide Plants

Polymers

Plants

Refining

Olefins

Plants

Olefins

Near-Term Situation Overview

•

Since the completion of the LyondellBasell transaction, the Company has

experienced numerous challenges:

•

Economic Decline

•

Hurricane Ike

•

Volatility in Crude / Energy markets

•

Houston Refinery turnaround / crane accident

Situation

•

Significant order decline

–

Operating at significantly reduced

capacity

•

Significant spread compression

–

Negative margins experienced

•

Decline in borrowing base due to declining

commodity prices

–

Inventory

–

A/R

•

Extreme Q4 deterioration in profitability

•

3 week shut down of Houston operations

•

Significant unpredictability of expected

demand and pricing

•

Disrupted operations of refinery Q2 –

Dec. ‘08

Impact

Result

is

significantly

reduced

EBITDA,

cash

and

availability

of

working

capital

finance

facilities

Unprecedented Q4 Industry Conditions and Volatility

Chemicals / Polymers

Refining

Cost

Environment

Crude declines continued~$35/bbl

-

Ethane below fuel value

Naphtha below crude equivalent

Crude declines continue ~$35/bbl

-

Production cuts have not stopped decline

Demand

Environment

Continued

decline w/o visibility of bottom

across all products

Operating rates in 50% range

No

definitive indications of reversal

Gasoline very weak

Margin

Situation

Prices collapsed in Nov/Dec

Polymers–

EU significantly negative

Very volatile

–

($7.50/bbl) $2.25/bbl

-

Diesel–

$9.00/bbl -

$19.40/bbl

WTI 211

–

$1.80/bbl

-

$10.85/bbl

Hy/lt

spread–

$5.50/bbl

-

$19.00/bbl

Gasoline

LyondellBasell

Immediate Response

•

Olefins

–

La Porte and Chocolate Bayou idled

–

Operating Rates –

50% US; 60-65%

Europe

•

Propylene Oxide

–

2 POSM plants idled

–

Operating rates –

50-60%

•

Polymers

–

Numerous lines down

–

Operating rates –

50-55%

•

Refining

–

Operating issues continued through early

December

–

Full operating functionality for balance of

December

Liquidity Actions

Late Q4 Operating Actions

•

Multiple facility shutdowns

•

Accelerated receipts

–

Commercial dispute settlement

–

Hedge settlement

–

Prepayment discounts

–

Credit terms tightened

•

Capex reduced to absolute minimum

levels

•

Accelerated organizational restructuring

–

15% manpower reduction target

–

Eliminate contract personnel

•

Pursuing asset divestitures

2008 Historical Current Cost EBITDA and WTI

Crude Price

880

1,018

621

40

118

358

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

Q108

Q208

Q308

Actual Current Cost EBITDA

Non Recurring Items

$920

$1,136

$979

2008 Current Cost EBITDA

($ in millions)

Source: Platts

(1)  Non recurring items include FCCU downtime in Q2 and Hurricane Ike, turnaround and crane incident in Q3

(1)

WTI Crude Price

($/bbl)

$0

$20

$40

$60

$80

$100

$120

$140

$160

2-1-1 Crack and Maya Spreads ($/bbl)

Source:  Platts

$0

$10

$20

$30

$40

$75

2-1-1 Crack Spread

Maya 2-1-1 Spread

CMAI U.S. Ethylene Operating Rate

87%

89%

89%

88%

86%

88%

73%

41%

80%

73%

60%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Source: CMAI

CMAI EU Polymer

€ 0

€ 500

€ 1,000

€ 1,500

€ 2,000

Polyethylene High Density

Ethylene

€ 0

€ 500

€ 1,000

€ 1,500

Polypropylene Homopolymer

Propylene Contained Value

EU PP-C3 (€/mt)

EU PE-C2 (€/mt)

-30

-20

-10

0

10

20

30

Jan-

2008

Feb-

2008

Mar-

2008

Apr-

2008

May-

2008

Jun-

2008

Jul-

2008

Aug-

2008

Sep-

2008

Oct-

2008

Nov-

2008

Dec-

2008

-30

-20

-10

0

10

20

30

Jan-

2008

Feb-

2008

Mar-

2008

Apr-

2008

May-

2008

Jun-

2008

Jul-

2008

Aug-

2008

Sep-

2008

Oct-

2008

Nov-

2008

Dec-

2008

EU PP-C3 Margin (¢/lb)

EU PE-C2 Margin (¢/lb)

Source: CMAI

Key Q4 Impacts to Liquidity

•

Unprofitable

late

fourth-quarter

operations

as

Chemical

&

Polymer

operating

rates

and

sales

declined

to

approximately

50%

of

capacity

•

Losses created by the pass through of higher-priced inventory

•

Reduction

in

availability

of

Working

Capital

Facilities

-

$1B+

*Source:  Platts, CMAI

Change vs. September

Units

September

Price

December

Price

Unit

%

WTI Crude

$/bbl

103.60

41.50

(62.10)

(60)

NW Europe Naphtha

$/tonne

847

258

(589)

(70)

Gulf Coast Ethane

¢/gal

81

35

(46)

(57)

Gasoline

$/gal

3.12

0.93

(2.19)

(70)

Polypropylene

¢/

lb

85

46

(39)

(46)

Polyethylene

¢/lb

97

49

(48)

(49)