QuickLinks -- Click here to rapidly navigate through this document


Exhibit 12.1

Calculation of Fixed Charge Ratio

 
  Pro forma
  Huntsman International
  Huntsman Specialty
 
  Six
Months
Ended
June 30,
2003

  Year
Ended
Dec. 31,
2002

  Six
Months
Ended
June 30,
2003

  Six
Months
Ended
June 30,
2002

  Year
Ended
Dec. 31,
2002

  Year
Ended
Dec. 31,
2001

  Year
Ended
Dec. 31,
2000

  Six
Months
Ended
Dec. 31,
1999

  Six
Months
Ended
June 30,
1999

  Year
Ended
Dec. 31,
1998

 
  (Dollars in millions)

Fixed Charges:                                                            
  Interest expense (includes amortization of deferred financing costs)   $ 130.8   $ 249.2   $ 127.7   $ 114.7   $ 245.4   $ 239.6   $ 233.1   $ 104.0   $ 18.0   $ 39.9
  Interest portion of rent expense     2.6     5.3     2.6     2.6     5.3     6.2     7.9     5.9     0.7     1.9
   
 
 
 
 
 
 
 
 
 
Total Fixed Charges   $ 133.4   $ 254.5   $ 130.3   $ 117.3   $ 250.7   $ 245.8   $ 241.0   $ 109.9   $ 18.7   $ 41.8
   
 
 
 
 
 
 
 
 
 
Earnings:                                                            
  Income (loss) from operations before taxes     (87.7 )   (25.3 )   (93.3 )   (1.5 )   (21.5 )   (83.2 )   183.6     99.8     34.6     15.2
Fixed Charges:     133.4     254.5     130.3     117.3     250.7     245.8     241.0     109.9     18.7     41.8
Less:                                                            
  Minority interest in pre-tax income of subsidiaries                 0.2     (0.1 )   2.2     2.8     1.0        
   
 
 
 
 
 
 
 
 
 
Total Earnings Plus Fixed Charges   $ 45.7   $ 229.2   $ 37.0   $ 115.6   $ 229.3   $ 160.4   $ 421.8   $ 208.7   $ 53.3   $ 57.0
   
 
 
 
 
 
 
 
 
 
  Ratio of Earnings to Fixed Charges                             1.8     1.9     2.9     1.4
  Deficiency of Earnings to Fixed Charges   $ 87.7   $ 25.3   $ 93.3   $ 1.7   $ 21.4   $ 85.4                        
   
 
 
 
 
 
                       



QuickLinks