CHEMICAL firm ICI faces an 18-month wait to pick up the proceeds from the sale of its 30 per cent stake in Huntsman International.

ICI's agreement, worth £250m, with US-based Huntsman Corporation will help reduce a £3.1bn debt mountain.

The UK company, which employs about 1,000 people on Teesside, confirmed in October it intended to sell the stake, but said the wait for the proceeds could extend beyond 2002.

Yesterday, it confirmed it was unlikely to receive the sum until the third quarter of 2003.

The share sale comes two years after Huntsman bought ICI's bulk chemicals business, including polyurethanes, aromatics, Tioxide and Wilton cracker operations, employing 1,600 people, for £1.8bn.

ICI kept a 30 per cent stake in Huntsman International with an option to sell for about £300m.

The basic price was confirmed at £250m, although gross proceeds including interest will push the figure to £285m.

ICI said it should be able to put £190m towards reducing its debt figure after subtracting tax and other costs.

The company said last month that it would axe 275 jobs in the UK as part of a restructuring plan set to cost 1,300 posts worldwide.

ICI blamed the "uncertain environment" as it also reported that pre-tax profits for the three months to September 30 had fallen 11 per cent.

It employs about 5,000 at more than 30 UK plants.