The Dow Chemical Company (Dow) and BASF announced today that they have received the Institution of Chemical Engineers' Innovation and Excellence Award in Core Engineering for their jointly developed Hydrogen Peroxide to Propylene Oxide (HPPO) production technology. The annual award - presented on November 3 in York, United Kingdom - recognizes the project or process that best demonstrates a chemical engineering solution to improve resource efficiency, lifetime value and/or process optimization.

The Dow-BASF innovation offers distinct economic and environmental benefits when compared to conventional propylene oxide (PO) process technologies. A joint eco-efficiency study conducted by the two companies in 2007 revealed the new HPPO process reduces wastewater by 70 to 80 percent and energy use by approximately 35 percent, compared with existing PO technology. PO plants using the HPPO technology also require up to 25 percent less capital to build than conventional technologies, as they have reduced infrastructure, a smaller physical footprint and simpler raw materials integration.

"We see two very important factors required to solve world challenges - innovation and collaboration - coming together in this example," said Neil Hawkins, Dow's vice president of Sustainability and EH&S. "It will require new technology and partnering like this between companies, governments, NGOs and communities to secure our sustainable future."

"We are proud to have such an outstanding example of research and development," said Stefan Deibel, vice president of BASF's Polyurethanes division. "This state-of-the-art technology combines economic success with improved environmental performance."

In 2008, Dow and BASF successfully started up the first commercial-scale production plant based on the novel BASF/Dow-developed HPPO technology at BASF's Antwerp, Belgium, facility. A second plant based on this technology is scheduled to begin production in Map Ta Phut, Thailand, in the first half of 2011.

About Dow
Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in approximately 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. In 2008, Dow had annual sales of $57.4 billion and employed approximately 46,000 people worldwide. The Company has 150 manufacturing sites in 35 countries and produces approximately 3,300 products. On April 1, 2009, Dow acquired Rohm and Haas Company, a global specialty materials company with sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and approximately 15,000 employees worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

About Dow PO/PG
Dow is the world's largest producer of propylene oxide (PO), polyether polyols, and is a leading producer of quality aromatic isocyanates, such as MDI and TDI, an essential component of polyether polyols. The business manufactures and markets polyurethane products and polyurethane systems that create rigid, semi-rigid and flexible foams, adhesives, sealants, coatings, elastomers and binders. Dow's polyurethane products and fully-formulated polyurethane systems are used for a broad range of applications including construction, infrastructure repair, wind energy solutions, automotive, appliance, furniture, bedding and shoe soles to decorative molding, athletic equipment and more. Dow also offers the latest in polyol technology with RENUVA(TM) Renewable Resource Technology and VORANOL(TM) VORACTIV(TM) polyols, part of an ongoing initiative by Dow to lead the industry in providing high-performance products. For more information, visit www.dowpolyurethanes.com, www.pusystems.com, www.dowhyperlast.com, www.dowpg.com, www.dowpo.com, www.dowrenuva.com and www.voractiv.com.

About BASF
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals as well as oil and gas. As a reliable partner BASF helps its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of more than €62 billion in 2008 and had approximately 97,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.

OLD - Dow Chemical Company

OLD - Dow Chemical Company

With annual sales of $54 billion and 46,000 employees worldwide, Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in around 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.