Exhibit 21

INTERNATIONAL SPECIALTY HOLDINGS INC.
LIST OF SUBSIDIARIES

|COMPANY |                  | JURISDICTION OF
FORMATION                         
|------- | ---------------- | --------------------------------------------------
|        | ISP Investco LLC |                                                   
|        |                  | International Specialty Products ISP (France) S.A.
|        |                  | ISP (Italia) S.r.l.                               
|        |                  |                                                   
|        | ISP Chemco Inc.  |                                                   
|        |                  | Bluehall Incorporated                             
|        |                  |                                                   
|        |                  | ISP Alginates Inc.                                
|        |                  | ISP Environmental Services Inc.                   
|        |                  | ISP Management Company, Inc.                      
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  | ISP Minerals Inc.                                 
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  | ISP Real Estate Company, Inc.                     
|        |                  | ISP Technologies Inc.                             
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  | ISP Chemicals Inc.                                
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
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|        |                  |                                                   
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|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   
|        |                  |                                                   

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| |  |  |  |  | ISP (China) Limited                            |                                          | China         
| |  |  |  |  | ---------------------------------------------- | ---------------------------------------- | --------------
| |  |  |  |  | ISP Colombia Ltda.                             |                                          | Colombia      
| |  |  |  |  | ISP Freight Service N.V.                       |                                          | Belgium       
| |  |  |  |  | ISP HC Limited                                 |                                          | Cyprus        
| |  |  |  |  |                                                | ISP Hungary Holdings Limited             |               
| |  |  |  |  | ISP Global Technologies (Germany) Holding GmbH |                                          | Germany       
| |  |  |  |  |                                                | ISP Customer Service GmbH                |               
| |  |  |  |  |                                                | ISP Global Technologies Deutschland GmbH |               
| |  |  |  |  | ISP Holdings (U.K.) Ltd.                       |                                          | United Kingdom
| |  |  |  |  |                                                | ISP Alginates (U.K.) Ltd.                |               
| |  |  |  |  |                                                | ISP Food Specialties (UK) Ltd.           |               
| |  |  |  |  |                                                | ISP (Great Britain) Co. Ltd.             |               
| |  |  |  |  | ISP (Hong Kong) Limited                        |                                          | Hong Kong     
| |  |  |  |  | ISP (Japan) Ltd.                               |                                          | Japan         
| |  |  |  |  | ISP (Korea) Limited                            |                                          | Korea         
| |  |  |  |  | ISP Marl Holdings GmbH                         |                                          | Germany       
| |  |  |  |  |                                                | ISP Acetylene GmbH                       |               
| |  |  |  |  |                                                | ISP Marl GmbH                            |               
| |  |  |  |  | ISP Mexico, S.A. de C.V.                       |                                          | Mexico        
| |  |  |  |  | ISP (Norden) A.B.                              |                                          | Sweden        
| |  |  |  |  | ISP (Osterreich) Ges.m.b.h.                    |                                          | Austria       
| |  |  |  |  | ISP (Polska) Sp.z. o.p.                        |                                          | Poland        
| |  |  |  |  | ISP Sales (Barbados) Inc.                      |                                          | Barbados      
| |  |  |  |  | ISP Sales (U.K.) Limited                       |                                          | Ireland       
| |  |  |  |  | ISP (Singapore) Pte Ltd.                       |                                          | Singapore     
| |  |  |  |  | ISP (Switzerland) A.G.                         |                                          | Switzerland   
| |  |  |  |  | ISP (Thailand) Co., Ltd.                       |                                          | Thailand      
| |  |  |  |  | Arramara Teoranta(2)                           |                                          | Ireland       
| |  |  |  |  | Chemfields Pharmaceuticals Private Limited(3)  |                                          | India         
| |  |  |  |  | Kelp Industries Pty. Ltd.(4)                   |                                          | Tasmania      
| |  |  |  |  | Thorverk Hf(5)                                 |                                          | Iceland       

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