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Exhibit 10.33    
  

 
 

EXECUTION COPY    
  

 
 

FIFTH AMENDMENT

        This
FIFTH AMENDMENT (this "Amendment"), dated as of February 7, 2003, is entered into by and among Huntsman International LLC
(f/k/a Huntsman ICI Chemicals LLC), a Delaware limited liability company (the "Borrower"), Huntsman International Holdings LLC (f/k/a Huntsman ICI
Holdings LLC), a Delaware limited liability company ("Holdings"), the undersigned financial institutions, including Deutsche Bank Trust Company Americas
(formerly named Bankers Trust Company), in their capacities as lenders hereunder (collectively, the "Lenders," and each individually, a
"Lender"), Deutsche Bank Trust Company Americas (formerly named Bankers Trust Company), as Lead Arranger, Administrative Agent
("Administrative Agent") for the Lenders and Sole Book Manager, Goldman Sachs Credit Partners L.P., as Syndication Agent and Co-Arranger and
The Chase Manhattan Bank and UBS Warburg LLC (as successor to Warburg Dillon Read), as Co-Arrangers and as Co-Documentation Agents (collectively, the
"Agents" and each individually, an "Agent"). Terms used herein and not otherwise defined herein shall
have the same meanings as specified in the Credit Agreement (as defined below). 

 
 

RECITALS:    
  

        A.    The
Borrower, Holdings, the Lenders, the Agents and the Administrative Agent have heretofore entered into that certain Credit Agreement dated as of June 30, 1999,
as amended by that certain First Amendment dated as of December 21, 2000, that certain Second Amendment dated as of March 5, 2001, that certain Third Amendment dated as of
November 30, 2001, and that certain Fourth Amendment dated as of March 15, 2002 (as amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement"). 

        B.    The
Borrower and Holdings wish, and the Lenders signatory hereto and the Agents and Administrative Agent are willing, to amend the Credit Agreement subject to the terms
and conditions of this Agreement. 

        C.    This
Agreement constitutes a Loan Document and these Recitals shall be construed as part of this Agreement. 

        NOW,
THEREFORE, in consideration of the recitals herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as follows: 

        SECTION 1.    Amendment of Credit Agreement.    

        The
Credit Agreement is hereby amended as of the Fifth Amendment Effective Date as follows: 

        (a)  Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
in their proper alphabetical order:  

        "Fifth Amendment" means that certain Fifth Amendment to this Agreement dated as of February 7, 2003. 

        "Fifth Amendment Effective Date" has the meaning set forth in Section 2 of the
Fifth Amendment. 

        (b)  Effective as of the Fifth Amendment Effective Date, the definition of "Applicable Base Rate Margin" in  Section 1.1. of the Credit Agreement is hereby amended
by adding 25 basis points to each percentage found in the chart therein.  

 

         (c)  Effective as of the Fifth Amendment Effective Date, the definition of "Applicable Eurocurrency Margin" in  Section 1.1. of the Credit Agreement is hereby amended by adding 25 basis points to each percentage found in the chart therein.
  

         (d)  The definition of "Consolidated Net Worth" in Section 1.1 of the Credit Agreement is hereby amended
by adding the
following new language immediately prior to the first proviso therein:  

        "plus, to the extent deducted in determining the foregoing, amounts permitted by  clause (ii) of the definition of Permitted Restructuring Charges;" 

        (e)  The definition of "Consolidated Net Worth" in Section 1.1 of the Credit Agreement is
hereby further amended by adding the following new proviso immediately at the end thereof:  

        "provided, further, however, solely for
purposes of the calculations required by Section 9.2, there shall be excluded from the calculation of Consolidated Net Worth the cumulative
effect of the recognition of additional minimum pension liability as a component of other comprehensive income required to be recognized by the Statement of Financial Accounting Standards
No. 87." 

        (f)    The definition of "Permitted Restructuring Charges" in Section 1.1 of the Credit Agreement
is hereby deleted and replaced with the following new definition:  

        "Permitted Restructuring Charges" means (i) for any period of four consecutive fiscal quarters that includes the fourth quarter of
Fiscal Year 2001, any actual restructuring charges recorded by the Borrower and its Subsidiaries during such period in an aggregate amount for all such restructuring charges not to exceed $40,000,000
in connection with the restructuring of certain Affiliates of the Borrower and its Subsidiaries as described on Schedule 1.1(d) hereto; and
(ii) any actual restructuring charges recorded by the Borrower and its Subsidiaries during Fiscal Year 2003 in an aggregate amount for all such restructuring charges not to exceed $65,000,000
of which no more than $40,000,000 may be cash charges in connection with the restructuring of certain Affiliates of the Borrower and its Subsidiaries as described on  Schedule 1.1(e) hereto.

        (g)  The definition of "Receivables Subsidiary" in Section 1.1 of the Credit Agreement is
hereby amended by adding the following proviso after the words "Permitted Accounts Receivable Securitization" found in the first sentence of such definition:  

        ";
provided, however, that if the law of a jurisdiction in which the Borrower proposes to
create a Receivables Subsidiary does not provide for the creation of a bankruptcy remote entity, the Administrative Agent may in its discretion permit the Borrower to form another type of entity in
such jurisdiction to serve as a Receivables Subsidiary as is reasonable under the circumstances". 

        (h)  Section 4.5(e)(ii) of the Credit Agreement is hereby amended by deleting such section in
its entirety and by replacing it with the following new Section 4.5(e)(ii):  

        "(ii)
Any prepayment of principal required to be made by the Borrower pursuant to Section 4.4(m)(ii) shall be applied, subject to a
waiver of prepayments pursuant to Section 4.5(c), first to the Scheduled Term A Dollar Repayments, the Dollar Equivalent amount of the Scheduled
Term A Euro Repayments, the Scheduled Term B Repayments and the Scheduled Term C Repayments due within the 12 month period following the date of such prepayment in direct order of maturity and,
thereafter, subject to Section 4.5(c), shall be applied in proportional amounts equal to the Term A Dollar Percentage, the Term A Euro
Percentage, Term B Percentage and Term C Percentage (in each case, after giving effect to the prepayments made to the Scheduled Term A Dollar Repayments, the Scheduled Term A Euro 

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Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments due within such twelve month period as specified above), as the case may be, of such remaining prepayment, if any, and within
each Term Loan, shall be applied to reduce the remaining Scheduled Term A Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments on a pro rata basis (based upon the then remaining
principal amount of such Scheduled Term A Dollar Repayments, Scheduled Term A Euro Repayments, Scheduled Term B Repayments and Scheduled Term C Repayments, respectively)." 

        (i)    Section 4.4(k)(iii) of the Credit Agreement is amended by deleting the reference to
"$280 million" therein and replacing it with a reference to "$310 million".  

         (j)    Section 6.10 of the Credit Agreement is amended by (i) adding an "(a)" immediately
at the beginning of such
section, (ii) deleting the language "the aggregate fair market value of the assets of each Plan equals or exceeds the aggregate present value of the accrued benefits under such Plan" and
(iii) by adding the following new language immediately at the end thereof:  

        "(b)
(i) Each Foreign Pension Plan is in compliance and in good standing (to the extent such concept exists in the relevant jurisdiction) in all material respects with all laws,
regulations and rules applicable thereto, including all funding requirements, and the respective requirements of the governing documents for such Foreign Pension Plan; (ii) with respect to each
Foreign Pension Plan maintained or contributed to by Holdings or any Subsidiary, (x) that is required by applicable law to be funded in a trust or other funding vehicle is in material
compliance with applicable law regarding funding requirements, and (y) that is not required by applicable law to be funded in a trust or other funding vehicle, reasonable reserves have been
established in accordance with prudent business practice or where required by ordinary accounting practices in the jurisdiction in which such Foreign Pension Plan is maintained; (iii) all
material contributions required to have been made by Holdings or any Subsidiary to any Foreign Pension Plan have been made within the time required by law or by the terms of such Foreign Pension Plan;
and (iv) to the knowledge of Holdings and its Subsidiaries, no actions or proceedings have been taken or instituted to terminate or wind-up a Foreign Pension Plan with respect to
which Holdings or any of its Subsidiaries could have any material liability." 

        (k)  Section 7.7 of the Credit Agreement is hereby amended by (i) adding an "(a)"
immediately at the beginning thereof and (ii) by adding the following new language immediately at the end thereof:  

        "(b)
Holdings shall, and shall cause each of its Subsidiaries to, establish, maintain and operate all Foreign Pension Plans in compliance in all material respects with all laws,
regulations and rules applicable thereto and the respective requirements of the governing documents for such Plans." 

        (l)    Section 8.2(o) of the Credit Agreement is hereby amended by deleting such section in its
entirety and by replacing it with the following new Section 8.2(o):  

        "(o)
Indebtedness of the Borrower and of its Subsidiaries (other than UK Holdco 1) and Guarantee Obligations with respect thereto by the Borrower and/or its Subsidiaries pursuant
to over-draft or similar lines of credit (including unsecured back-to-back lines of credit relating thereto among Foreign Subsidiaries, an
"Overdraft Facility") such that the aggregate amount of such Indebtedness permitted thereunder or outstanding under this clause (o) at any one
time does not exceed (without duplication) (x) $30,000,000 (or the Dollar Equivalent thereof) for more than one (1) consecutive Business Day, with respect to such Indebtedness incurred
by a Foreign Subsidiary; and (y) $20,000,000, with respect to such Indebtedness incurred by the Borrower and its Domestic Subsidiaries, provided,  further, however, that the 

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aggregate principal amount of Indebtedness outstanding under each such line shall be reduced to the Dollar Equivalent of $10,000,000 during at least one day during each calendar month;" 

        (m)  Section 8.7(c) of the Credit Agreement is hereby amended by deleting the amount
"$2,000,000" found therein and inserting the amount "$5,000,000" in its place.  

         (n)  Section 9.3 of the Credit Agreement is hereby amended by deleting such section in its entirety and by
replacing it
with the following new Section 9.3:  

        "9.3
Interest Coverage Ratio

        Neither
Holdings nor the Borrower will permit the Interest Coverage Ratio calculated for any Test Period ending at the following dates or during the follow periods to be less than the
ratio set forth opposite such period: 

	Period
 
	 	Ratio
	 
	January 1, 2003 to March 31, 2003	 	1.60 to 1.0	 
	April 1, 2003 to June 30, 2003	 	1.65 to 1.0	 
	July 1, 2003 to September 30, 2003	 	1.75 to 1.0	 
	October 1, 2003 to December 31, 2003	 	1.85 to 1.0	 
	January 1, 2004 to March 31, 2004	 	2.00 to 1.0	 
	April 1, 2004 to June 30, 2004	 	2.50 to 1.0	 
	July 1, 2004 to September 30, 2004 and each period thereafter	 	2.75 to 1.0	"

        (o)  Section 9.4 of the Credit Agreement is hereby amended by deleting such Section in its
entirety and by replacing it with the following new Section 9.4:  

        "9.4
Leverage Ratio. 

        The
Borrower will not permit for any Test Period ending on a date set forth during any period described below, the Leverage Ratio to exceed the ratio set forth opposite such period: 

	Period
 
	 	Ratio
	 
	January 1, 2003 to March 31, 2003	 	6.75 to 1.0	 
	April 1, 2003 to June 30, 2003	 	6.75 to 1.0	 
	July 1, 2003 to September 30, 2003	 	6.25 to 1.0	 
	October 1, 2003 to December 31, 2003	 	6.00 to 1.0	 
	January 1, 2004 to March 31, 2004	 	5.50 to 1.0	 
	April 1, 2004 to June 30, 2004	 	4.75 to 1.0	 
	July 1, 2004 to September 30, 2004 and each period thereafter	 	3.75 to 1.0	"

        (p)  Section 10.1(l) of the Credit Agreement is hereby amended by (i) adding an "(a)"
immediately at the beginning thereof and (ii) adding the following new language thereto:  

        "(b)
Either (i) a foreign governmental authority has instituted proceedings to terminate a Foreign Pension Plan or a foreign governmental authority has appointed a trustee to
administer any Foreign Pension Plan in place of the existing administrator, in each case by reason of a distress termination within the meaning of Section 4041(c) of ERISA, treating such
Foreign Pension Plan as if it were subject to ERISA; or (ii) any Foreign Pension Plan that is required by applicable law to be funded in a trust or other funding vehicle has failed to comply
with such funding requirements; if, as of the date thereof or as of any subsequent date, the sum of each of Holdings' and its Subsidiaries' various liabilities to any Foreign Pension Plan solely as a
result of such events listed in subclauses (i) and (ii) of this clause (b) exceeds the Dollar Equivalent of $7,500,000; or" 

4

 

        (q)  A new Schedule 1.1(e) shall be added to the Credit Agreement in substantially the form
attached hereto as Annex A.  

        SECTION 2.    Conditions to Effectiveness of the
Amendment.    The provisions of this Amendment shall become effective upon the date of the satisfaction of all of the conditions set forth in this  Section 2 (the "Fifth Amendment Effective Date"):
 

        2.1    Proper Execution and Delivery of Amendment.    Borrower, Holdings, the Administrative
Agent and the Required Lenders shall have duly executed and delivered to Administrative Agent this Amendment. 

        2.2    Delivery of Credit Party Documents.    On or before the date hereof, Borrower shall
deliver or cause to be delivered to Administrative Agent the following with respect to each of Borrower and Holdings, each, unless otherwise noted, dated the Fifth Amendment Effective Date: 

        (a)  Certified
copies of its Certificate of Formation, together with a good standing certificate from the Secretary of State of the jurisdiction of its incorporation and each
other state in which it is qualified as a foreign corporation to do business and where failure to be so qualified would have a Material Adverse Effect and, to the extent generally available, a
certificate or other evidence of good standing as to payment of any applicable franchise or similar taxes from the appropriate taxing authority of each of such states, each dated a recent date prior
to the Fifth Amendment Effective Date or, in the event that any such document has been previously delivered by the Borrower to the Administrative Agent, a certificate executed by a Responsible Officer
of the Borrower indicating that no change has occurred with respect to such document; 

        (b)  Copies
of its operating agreement or limited liability company agreement, certified by its corporate secretary or an assistant secretary or a certificate of the lack of
any change thereto since the Initial Borrowing Date or, in the event that any such document has been previously delivered by the Borrower to the Administrative Agent, a certificate executed by a
Responsible Officer of the Borrower indicating that no change has occurred with respect to such document; 

        (c)  Resolutions
of its members, manager or board of managers (i) approving and authorizing the execution, delivery and performance of this Amendment, and
(ii) approving and authorizing the execution, delivery and performance of the other Loan Documents to which it is a party and all transactions related thereto, in each case certified as of the
Fifth Amendment Effective Date by its corporate secretary or an assistant secretary as being in full force and effect without modification or amendments; 

        (d)  Signature
and incumbency certificates of its officers executing this Amendment; and 

        (e)  Such
other instruments and documents in respect of such matters as Administrative Agent shall reasonably request. 

        2.3    Representations and Warranties; Default; Officer's Certificate.    After giving effect
to this Amendment, the representations and warranties set forth in Article VI of the Agreement shall be true and correct, except to the extent
such representations and warranties are expressly made as of a specified date in which event such representations and warranties shall be true and correct as of such specified date, and no Event of
Default or Unmatured Event of Default shall have occurred or be continuing and Administrative Agent shall have received a certificate executed by a Responsible Officer on behalf of Borrower, dated the
Fifth Amendment Effective Date stating that, after giving effect to this Amendment, the representations and warranties set forth in Article VI of
the Agreement are true and correct as of the date of the certificate, except to the extent such representations and warranties are expressly made as of a specified date in which event 

5

 

such representations and warranties shall be true and correct as of such specified date, that no Event of Default or Unmatured Event of Default has occurred and is continuing, and that the conditions
of this Section 2 hereof have been fully satisfied or waived. 

        2.4    Fees.    Borrower shall have paid to Administrative Agent and the Lenders all costs,
fees and expenses (including, without limitation, reasonable legal fees and expenses) payable to Administrative Agent and the Lenders to the extent then due, including, without limitation, pursuant to  Section 4 of this Amendment. 

        2.5    Corporate Proceedings.    All corporate and legal proceedings and all instruments and
agreements in connection with the execution and delivery of this Amendment shall be satisfactory in form and substance to Administrative Agent and the Required Lenders and Administrative Agent and all
Lenders shall have received all information and copies of all documents and papers, including records of corporate proceedings, governmental approvals, good standing certificates and
bring-down telegrams or certificates, if any, which Administrative Agent or such Lender reasonably may have requested in connection therewith, such documents and papers where appropriate
to be certified by proper corporate or Governmental Authorities. 

        Each
Lender and the Administrative Agent hereby agrees that by its execution and delivery of its signature page hereto, such Person approves of and consents to each of the matters set
forth in Section 2 which must be approved by, or which must be satisfactory to, the Required Lenders or such Person, as the case may be;  provided that,
 in the case of any agreement or document which must be approved by, or which must be satisfactory to, the Required Lenders,
Administrative Agent or Borrower shall have delivered a copy of such agreement or document to such Person if so requested on or prior to the Fifth Amendment Effective Date. 

        SECTION 3.    References to and Effect on the Credit Agreement.    On
and after the date hereof each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein," or words of like import, and each reference to the Credit Agreement, as the case
may be, in the Loan Documents and all other documents (the "Ancillary Documents") delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended
hereby. 

        Except
as specifically amended above, the Credit Agreement, and the other Loan Documents and all other Ancillary Documents shall remain in full force and effect and are hereby ratified
and confirmed. 

        The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders or
Administrative Agent under the Credit Agreement, the Loan Documents or the Ancillary Documents. 

        SECTION 4.    Fees, Costs and Expenses.    (a) Borrower agrees to pay
a fee to the Administrative Agent on or prior to the Fifth Amendment Effective Date on behalf of each Lender which has executed and delivered this Amendment on or prior to 5:00 p.m. E.S.T. on
February 7, 2003 equal to .125% times the sum of the Domestic Revolving Commitment, Multicurrency Revolving Commitment and outstanding Term Loans of such Lender as in effect under the Credit
Agreement on the Fifth Amendment Effective Date, such fee to be due and payable on the Fifth Amendment Effective Date; and (b) Borrower also agrees to pay all reasonable costs and expenses of
the Administrative Agent in connection with the negotiation, preparation, printing, typing, reproduction, execution and delivery of this Amendment and all other documents furnished pursuant hereto or
in connection herewith, including without limitation, the reasonable fees and out-of-pocket expenses of Winston & Strawn, special counsel to Administrative Agent and any
local counsel retained by Administrative Agent relative thereto or the reasonable allocated costs of staff counsel as well as the fees and out-of-pocket expenses of counsel,
independent public accountants and other outside experts retained by Administrative Agent in connection with the administration of this Amendment. 

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        SECTION 5.    Miscellaneous.    

        5.1    Execution in Counterparts.    This Amendment may be executed in one or more
counterparts, each of which, when executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same document with the same
force and effect as if the signatures of all of the parties were on a single counterpart, and it shall not be necessary in making proof of this Amendment to produce more than one (1) such
counterpart. Delivery of an executed signature page to this Amendment by telecopy shall be deemed to constitute delivery of an originally executed signature page hereto. 

        5.2    Governing Law.    THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS
OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

        5.3    Headings.    Headings used in this Amendment are for convenience of reference only and
shall not affect the construction of this Amendment. 

        5.4    Integration.    This Amendment, the other agreements and documents executed and
delivered pursuant to this Amendment and the Credit Agreement constitute the entire agreement among the parties hereto with respect to the subject matter hereof. 

        5.5    Binding Effect.    This Amendment shall be binding upon and inure to the benefit of and
be enforceable by the Borrower, the Administrative Agent and the Lenders and their respective successors and assigns. Except as expressly set forth to the contrary herein, this Agreement shall not be
construed so as to confer any right or benefit upon any Person other than the Borrower, the Administrative Agent and the Lenders and their respective successors and permitted assigns. 

[signature page follows]

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        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their duly authorized officers as of the day and year first above written. 

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ANNEX A

 
 

Schedule 1.1(e)    
  

 
  Explanation of Permitted Restructuring Charges*
  (figures in $millions)    
  

	 
	 	Polyurethanes
	 	Surface

Sciences

	Cash Costs	 	25	 	15
	

Non Cash Costs	
 	

9	
 	

16
	

Total	
 	

34	
 	

31

	*
	The
amounts set forth above are estimates and are not intended to restrict the Borrowers ability to allocate Permitted Restructuring Charges between the above listed categories provided
that during Fiscal Year 2003 the aggregate amount for all such restructuring charges do not exceed $65, of which no more than $40 may be cash or payable in cash. 

9

QuickLinks

Exhibit 10.33

EXECUTION COPY

FIFTH AMENDMENT

RECITALS

ANNEX A

Schedule 1.1(e)

Explanation of Permitted Restructuring Charges* (figures in $millions)QuickLinks
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EXHIBIT 10.34    
  

DATED
27 November 2002 

	(1)
	IMPERIAL
CHEMICAL INDUSTRIES PLC 
	(2)
	HUNTSMAN
SPECIALTY CHEMICALS CORPORATION 
	(3)
	HUNTSMAN
INTERNATIONAL HOLDINGS, LLC 
	(4)
	HUNTSMAN
INTERNATIONAL, LLC 

DEED OF AMENDMENT TO CONTRIBUTION

AGREEMENT  

MAYER, BROWN, ROWE & MAW

11 Pilgrim Street

London EC4V 6RW 

Tel:
020-7248 4282

Fax: 020-7782 8779

Ref: 672/365/23793.00091 

 
 

CONTENTS    
  

	Clause
 
	 	Subject Matter
	 	Page

	1.	 	Definitions and Interpretation	 	1
	2.	 	Amendments to the Agreement	 	3
	3.	 	Licence Agreements	 	4
	4.	 	Notices	 	4
	5.	 	Counterparts	 	4
	6.	 	Governing Law and Jurisdiction	 	4

  

This deed is made the 27th day of November 2002  

PARTIES:  

	(1)
	IMPERIAL CHEMICAL INDUSTRIES PLC a company incorporated in England and Wales (registered number 00218019) whose registered office is at
20 Manchester Square, London W1U 3AN ("ICI");

	(2)
	HUNTSMAN SPECIALTY CHEMICALS CORPORATION, a corporation incorporated under the laws of Delaware whose principal office is at
500 Huntsman Way, Salt Lake City, Utah, USA ("HSCC");

	(3)
	HUNTSMAN INTERNATIONAL HOLDINGS, LLC (previously known as Huntsman ICI Holdings, LLC) a limited liability company formed
under the laws of Delaware whose principal place of business is at 500 Huntsman Way, Salt Lake City, Utah, USA ("HICI Holdings"); and

	(4)
	HUNTSMAN INTERNATIONAL, LLC (previously known as Huntsman ICI Chemicals, LLC) a limited liability company formed under the laws
of Delaware, whose principal place of business is at 500 Huntsman Way, Salt Lake City, Utah, USA ("HICI") (together with HSCC and HICI Holdings
referred to as "Huntsman"). 

BACKGROUND  

	(A)
	ICI
and Huntsman are parties to a Contribution Agreement in respect of the contribution of the Polyurethanes, Tioxide, Relevant Petrochemicals and PO/MTBE business to HICI Holdings,
dated 15 April 1999, (as amended by amending agreements dated 4 and 30 June 1999, by a further amending agreement dated 30 June 1999, by a memorandum dated 2 November 2000
and by an amendment agreement dated 20 December 2001) (the "Agreement").

	(B)
	ICI
and Huntsman have agreed to amend the Agreement as set out in this Deed. 

IT IS AGREED that:  

1.    DEFINITIONS AND INTERPRETATION  

	1.1
	In
this Deed and the Background, unless the context requires otherwise, capitalised terms which are defined in the Agreement shall have the meaning given to them in the Agreement, and 

"Business Day" means any day not being a Saturday or Sunday when clearing banks are open for ordinary banking business in the City of London and New
York City 

"HSCC Group" means HSCC and any direct or indirect subsidiary of HSCC (as such term is defined in Section 736 Companies Act 1985). 

	1.2
	This
Deed shall be read and shall take effect as one with the Agreement and references in the Agreement to "this Agreement" (or similar references) shall be read and construed as
references to the Agreement as amended by this Deed.

	1.3
	Except
as provided in this Deed, the provisions of the Agreement (including without limitation clause 6 of the Agreement) shall be unaffected by the provisions of this Deed and
shall remain in full force and effect and shall continue (including without limitation in respect of all Business Contracts notwithstanding that any notice of termination has been served in respect of
it).

	1.4
	In
this Deed, unless the context requires otherwise, any reference to:

	(a)
	the  Background is to the statements about the background to this Deed made above, and to a Clause  is to a
clause of this Deed; 

1

 

	(b)
	a
party or the parties is to a party or the parties (as the case may be) to this Deed
and shall include any permitted assignees of a party;

	(c)
	the  masculine, feminine or neuter gender respectively includes the other genders and
any reference to the singular includes the plural (and vice versa);

	(d)
	a
person includes any individual, firm, corporation, unincorporated association, government, state or agency of state, association,
partnership or joint venture (whether or not having a separate legal personality) and includes a reference to that person's legal personal representatives and successors;

	(e)
	references
to a company shall be construed so as to include any company, corporation or other body corporate wherever and however
incorporated or established; and

	(f)
	any
obligations or liabilities undertaken by more than one party are undertaken by those parties jointly and severally. 

2.    AMENDMENTS TO THE AGREEMENT  

	2.1
	Huntsman
and ICI agree to amend the provisions of clause 6.11 of the Agreement in relation to any of those Business Contracts of which details are set out in Part 1 of
the Schedule to this Deed which has not, by 31 July 2002, been novated in full, in relation to those aspects of each such Business Contract that are contemplated by the Agreement to be novated
to a member of the HSCC Group, to a member of the HSCC Group such that ICI (or the relevant subsidiary of ICI) shall be permitted at any time thereafter to terminate any such Business Contract in
accordance with the specific terms of such contract allowing for voluntary and unilateral termination for reasons other than cause on the
specified period of notice in that relevant Business Contract (or if no such period is specified then on a reasonable period of notice having regard to the nature of the Business Contract).

	2.2
	Huntsman
and ICI agree to amend the provisions of clause 6.11 of the Agreement in relation to any of those Business Contracts of which details are set out in Part 2 of
the Schedule to this Deed which has not, by 31 December 2002, been novated in full in relation to those aspects of each such Business Contract that are contemplated by the Agreement to be
novated to a member of the HSCC Group, to a member of the HSCC Group such that ICI (or the relevant subsidiary of ICI) shall be permitted at any time thereafter to terminate any such Business Contract
in accordance with the specific terms of such contract allowing for voluntary and unilateral termination for reasons other than cause on the specified period of notice in that relevant Business
Contract (or if no such period is specified then on a reasonable period of notice having regard to the nature of the Business Contract).

	2.3
	Huntsman
and ICI agree to amend the provisions of clause 6.11 of the Agreement in relation to any of those Business Contracts of which details are set out in Part 3 of
the Schedule to this Deed which has not, by 30 June 2003, been novated in full in relation to those aspects of each such Business Contract that are contemplated by the Agreement to be novated
to a member of the HSCC Group, to a member of the HSCC Group such that ICI (or the relevant subsidiary of ICI) shall be permitted at any time thereafter to terminate such Business Contract in
accordance with the specific terms of such contract allowing for voluntary and unilateral termination for reasons other than cause on the specified period of notice in that relevant Business Contract
(or if no such period is specified then on a reasonable period of notice having regard to the nature of the Business Contract). 

2

 
	2.4
	If
ICI intends to exercise its right under Clauses 2.1, 2.2 and/or 2.3 to give notice to terminate any Business Contract:

	(a)
	ICI
shall provide to Huntsman, not less than 20 Business Days before such notice is to be sent, a copy of the form of notice proposed to be sent and confirmation of the date on which
the notice is proposed to be sent;

	(b)
	if
by the later of 15 Business Days after Huntsman's receipt of the notice referred to in Clause 2.4(a) and 5 Business Days before the date that ICI notified Huntsman that it
proposed to send such notice, Huntsman has not provided any written comments on the notice to ICI, ICI shall be entitled to submit the notice, or to procure that the notice is submitted by a
subsidiary of it, in each case in the form provided to Huntsman but no earlier than the date the notice is proposed to be sent as specified in the notification referred to in Clause 2.4(a);

	(c)
	if
by the later of 15 Business Days after Huntsman's receipt of the notice referred to in Clause 2.4(a), and 5 Business Days before the date that ICI notified Huntsman that it
proposed to send such notice, Huntsman provides written comments on the notice to ICI and:

	(i)
	such
written comments are in the form of a substitute notice, ICI shall submit such substitute notice or procure the submission by a subsidiary of it of
such substitute notice; or

	(ii)
	such
written comments are in the form of amendments to the notice provided by ICI, ICI shall submit the notice, or procure that the notice is submitted
by a subsidiary of it, in each case, as so amended 

PROVIDED
that ICI shall not be obliged to accept the substitute notice or the amendments to the notice referred to in sub paragraphs (i) and (ii) if, and to the extent that, the changes
proposed by Huntsman affect the effectiveness of the termination notice in terminating such Business Contracts or delay the date of such termination, or impose any additional liability on ICI (or any
subsidiary of ICI) as a result of the substituted notice or the amended notice; 

	(d)
	Upon
service of a termination notice pursuant to this Clause 2.4, neither Huntsman nor any member of the HSCC Group shall be required to seek, procure or agree to the novation
of a contract in respect of which such notice has been served on the other party or parties to such contract and the provisions of the Agreement (including without limitation clause 6 of the
Agreement) shall be amended accordingly; and

	(e)
	if
during the period after notice of termination has been given in respect of any Business Contract (a "Terminating Contract"), but prior to its actual termination, Huntsman enters
into a new agreement with the parties to a Terminating Contract (other than ICI and/or its subsidiaries) in relation to all or a discrete part of the subject matter of such Terminating Contract which
can be terminated without affecting the remaining provisions of that Terminating Contract (or by making minor changes thereto), Huntsman shall procure the termination of such Terminating Contract at
the date of execution of such new agreement to the extent that (i) such new agreement is a substitute for all or such discrete part of such Terminating Contract; and (ii) such early
termination is executed by ICI and/or its subsidiaries and provided that such early termination shall not affect or modify the terms of the Terminating Contract (other than by making minor changes
thereto) save in relation to the effective date of termination.. 

3

 

3.    LICENCE AGREEMENTS  

ICI
and Huntsman acknowledge that the contracts listed in Part 4 of the Schedule to this Deed are contracts which Huntsman considers to be critical to its business. Without prejudice to the
provisions of clause 6 of the Agreement, Huntsman and ICI confirm that they are committed to using their respective reasonable endeavours as a priority to novate the contracts listed in
Part 4 of the Schedule in accordance with clause 6 of the Agreement so that ICI is no longer a party to any of these contracts in Part 4 of the Schedule (save in respect of any
confidentiality requirements that survive the novation of any contract) provided that Huntsman shall not be required to incur fees or royalties in respect of such contracts in excess of those payable
in accordance with the terms of such contracts at the date of this Deed. 

4.    NOTICES  

All
communications relating to this Deed shall be in writing and delivered by hand or sent by post or facsimile to the party concerned at the relevant address shown at the start of this Deed provided
that any communications to be sent to Huntsman need be sent only to the address of HSCC shown at the front of this Deed or by facsimile to number 01642 376460 marked for the attention of the Company
Secretary. Any such communication shall take effect if delivered by hand, upon delivery; if posted, at the earlier of delivery and, if sent by first class registered post, 10 am on the second day
after posting; if sent by facsimile when a complete and legible copy of the communication, whether that sent by facsimile or a hard copy sent by post or delivered by hand, has been received at the
appropriate address. 

5.    COUNTERPARTS  

This
Deed may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which, when executed, shall be an original, but all the counterparts together shall
constitute one and the same instrument. 

6.    GOVERNING LAW AND JURISDICTION  

This
Deed shall be governed by and construed in accordance with English law. The parties irrevocably submit to the exclusive jurisdiction of the English Courts to settle any disputes that may arise
out of or in connection with this Deed. 

EXECUTION  

The
parties have shown their acceptance of the terms of this Deed by executing it as a deed after the Schedule. 

4

 
 
 

SCHEDULE    
  

	Dbase

Ref
	 	Contract
	 	Contract Date
	 	Comment

	PART 1	 	 	 	 	 	 
	

1	
 	

Northville Corp re C9S—ICI sells C9S	
 	

28 Sept '98	
 	

 
	

4	
 	

BP Oil re C9	
 	

1 December '98	
 	

 
	

6	
 	

Draft Evergreen Sales Contract between ICI C&P Ltd & Phenolchemie re Cumene	
 	

18/12/96	
 	

 
	

7	
 	

Proquimed re Cyclohexane	
 	

20 October '95	
 	

 
	

22	
 	

Ineos/PEG Toll re Ethylene (Uniqema supply of Ethylene to Ineos)	
 	

 	
 	

Contract Ended 2001
	

29	
 	

BP (Purchase) re Propylene Chemicals	
 	

 	
 	

Expired End 1999
	

30	
 	

S&P Agreement between ICI C&P & Enichem Elastomers for Butadiene monomers	
 	

28/12/95	
 	

 
	

35	
 	

Butadiene Swap for Maydown and Kings Lynn between ICI C&P and Dow	
 	

01/01/97	
 	

 
	

38	
 	

BP Amoco re Raffinate 1	
 	

 	
 	

Huntsman has new contract in place with BP Oil
	

39	
 	

Draft S&P Agreement between ICI C&P and Shell Nederland Chemie re C5s	
 	

Undated	
 	

 
	

43	
 	

Materials Agreement between ICI C&P and Air Products (Chems) Teesside Ltd re Hydrogen to Amines Business	
 	

02/02/98	
 	

 
	

44	
 	

Hydrogen Contract between ICI Chemicals & Polymers Limited and Du Pont	
 	

07/09/79	
 	

 
	

47	
 	

BASF re Ethylene Terminal	
 	

 	
 	

Expired/terminated by BASF in 1989
	

88	
 	

Draft Agreement between ICI C&P and Terra Industries Ltd relating to transfer of operatorship of the No 2 Jetty services only.	
 	

 	
 	

This agreement regulates the use of No 2 Jetty for ammonia ships
	

95	
 	

BASF—C3 Analysis	
 	

 	
 	

 
	

105	
 	

Agreement between Lurgi Mineral Oltechnik GmbH & Imperial Chemical Industries Ltd—1975	
 	

29/08/75	
 	

 
	

107	
 	

Protec	
 	

 	
 	

Huntsman locating documents
	
 	
 	

 	
 	

 	
 	

 

5

 

	

108	
 	

Pyrotec	
 	

 	
 	

Huntsman locating documents
	

109	
 	

Shell	
 	

 	
 	

Huntsman locating documents
	

110	
 	

Letter Agreement between Stone and Webster & ICI C&P Limited re a study	
 	

18/03/92	
 	

 
	

111	
 	

Catalyst Sale Agreement Toray Industries Ltd and ICI C&P Limited	
 	

19/08/94	
 	

 
	

119	
 	

Draft General Terms & Condition and Services Level Agreement relating to the supply of hydrogen to ICI Polyurethanes.	
 	

26/01/99 7/2/98 and 1/12/98	
 	

 
	

120	
 	

Products Supply to Newco—General Terms and Conditions (including term sheet for Product Supply Agreement).	
 	

02/07/97	
 	

 
	

121	
 	

Service Level Agreement relating to Hydrogen supply to Phillips-Imperial Petroleum	
 	

22/01/99	
 	

 
	

126	
 	

1999 Term Agreements for the sale and purchase of condensate/natural gasoline between Mobil TSL and others and ICI C&P Limited and a draft term contract.	
 	

10/01/99	
 	

 
	

134	
 	

Sale and Purchase Agreement between ICI C&P Limited and BASF Plc (terminated). On original database.	
 	

22/04/91	
 	

 
	

135	
 	

Letter confirming the terms for the sale of commercial propane from ICI C&P Limited to Conoco Ltd as extended to March 1999 by a letter dated 27.11.1998	
 	

15/03/91	
 	

 
	

136	
 	

Heads of Terms between ICI C&P and Northern LPG Inc (a subsidiary of Transammonia Inc) for the sale of propane.	
 	

18/02/99	
 	

 
	

145	
 	

Chemical Emission Alarm Scheme on North Tees Area. Cleveland County Council/ICI	
 	

18/05/81	
 	

 
	
PART 2	
 	

 	
 	

 	
 	

 
	

12	
 	

Dupont (UK) re Materials and Schedules	
 	

1/7/93	
 	

 
	

19	
 	

Ethylene Supply Agreement between ICI C&P Ltd & Union Carbide Ltd	
 	

01/01/95	
 	

 
	

48	
 	

Agreement between ICI C&P & Shell Nederland BV re Ethylene Transit & Transport	
 	

01/07/89/ 05/11/96/ 09/12/97	
 	

 
	

51	
 	

Phillips Petroleum Co re Pipeline Operations	
 	

20/03/90	
 	

 
	
 	
 	

 	
 	

 	
 	

 

6

 

	

52	
 	

Sales Agreement for Armada condensate between AGIP and ICI C&P Limited	
 	

17/10/96	
 	

 
	

53	
 	

BG North Sea Holding (Everest Lomond) re Cond.	
 	

07/05/97	
 	

 
	

54	
 	

BG North Sea Exploration (Armada) re Cond.	
 	

17/10/96	
 	

 
	

63	
 	

Texaco N Sea re. Erskine Condensate Banff	
 	

19/08/97	
 	

 
	

64	
 	

Hardy Oil re Condensate (now British-Borneo Exploration Ltd)	
 	

13/01/99	
 	

 
	

70	
 	

Fina Exploration re Cond.	
 	

Draft 05/11/96	
 	

 
	

84	
 	

Terra Purchased Services	
 	

 	
 	

Supply of services to Terra at North Tees
	

85	
 	

Northumbrian Water Fire Bypass	
 	

19-Feb-76	
 	

 
	

89	
 	

Terra Utilities contract	
 	

 	
 	

Utilities sold to Terra by Huntsman
	

144	
 	

Statement of Intent—supply of propane by pipeline from North Tees Works to BASF at Seal Sands.	
 	

10/05/91	
 	

 
	

153	
 	

Phillips Petroleum—Condensate	
 	

 	
 	

 
	
PART 3	
 	

 	
 	

 	
 	

 
	

113	
 	

(c) Enron—the Services Agreement relating to TUSB from the ICI Hydrocarbons Business	
 	

31-Dec-98	
 	

 
	

115	
 	

(a) Enron—Utilities Agreement relating to the ICI Hydrocarbons Business	
 	

31/12/98	
 	

 
	

115	
 	

(b) Enron—Utilities Agreement relating to the ICI Polyurethanes Business	
 	

31-Dec-98	
 	

 
	
PART 4	
 	

 	
 	

 	
 	

 
	

91	
 	

ABB—Control System North Tees	
 	

 	
 	

Huntsman locating documents
	

92	
 	

Non-Disclosure Agreement between ABB Lummus Global Inc & ICI C&P	
 	

30/08/95	
 	

 
	

96	
 	

BASF	
 	

 	
 	

Huntsman locating documents
	

102	
 	

Honeywell	
 	

20-Jul-98	
 	

 
	

103	
 	

Inst. Francais du Petrole Directions (Assigned to Axens 1/1/01 see letter of 26/10/01	
 	

2/03/89, 15/01/91 & 19/07/95	
 	

 
	

106	
 	

Mobil (Exxon)	
 	

 	
 	

Various Agreements

7

 

	SIGNED AND DELIVERED	 	)	 	 
	AS A DEED BY	 	Robert Wynne T. Turner
	,	 	)

)	 	/s/  ROBERT WYNNE T. TURNER      

	 	 	 	 	 	 	 	)

)	 	 
	 	 	 	 	 	 	 	)	 	Robert Wynne T. Turner
	 under power of attorney	 	 	 	

	 for and on behalf of IMPERIAL	 	)	 	 
	CHEMICAL INDUSTRIES PLC	 	)	 	 
	

SIGNED AND DELIVERED	
 	

)	
 	

 
	AS A DEED BY	 	Michael A. J. Maughn
	,	 	)

)	 	/s/  MICHAEL A. J. MAUGHN      

	 	 	 	 	 	 	 	)

)
	 	 	 	 	 	 	 	)	 	Michael A. J. Maughn
	 under power of attorney	 	 	 	

	 for and on behalf of HUNTSMAN	 	)	 	 
	SPECIALTY CHEMICALS	 	)	 	 
	CORPORATION	 	)	 	 
	

SIGNED AND DELIVERED	
 	

)	
 	

 
	AS A DEED BY	 	Michael A. J. Maughn
	,	 	)

)	 	/s/  MICHAEL A. J. MAUGHN      

	 	 	 	 	 	 	 	)

)	 	 
	 	 	 	 	 	 	 	)	 	Michael A. J. Maughn
	 under power of attorney	 	 	 	

	 for and on behalf of HUNTSMAN	 	)	 	 
	INTERNATIONAL HOLDINGS, LLC	 	)	 	 
	

SIGNED AND DELIVERED	
 	

)	
 	

 
	AS A DEED BY	 	Michael A. J. Maughn
	,	 	)

)	 	/s/  MICHAEL A. J. MAUGHN      

	 	 	 	 	 	 	 	)

)	 	 
	 	 	 	 	 	 	 	)	 	Michael A. J. Maughn
	 under power of attorney	 	 	 	

	 for and on behalf of HUNTSMAN	 	)	 	 
	INTERNATIONAL, LLC	 	)	 	 

8

QuickLinks

EXHIBIT 10.34

CONTENTS

SCHEDULE

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