The company's 218-acre plant made flammable petrochemicals like
butadiene and butane that are used in the manufacture of
plastics, tires and gasoline. It is now only in use for storage
purposes.
The facility saw two explosions which released more than 11
million pounds of hazardous substances, causing over $130
million in offsite property damage. The fires were put out after
burning for six days.
The Houston-based firm in 2022 filed for bankruptcy protection
after struggling under costs and legal claims from the fire.
TPC Group has also agreed to spend around $80 million to improve
its risk management program and improve safety issues at that
Port Neches site and another in Houston, the statement added.
It shall also pay $12.1 million in civil penalty payments
through bankruptcy proceedings.
(Reporting by Costas Pitas and Eric Beech, and Seher Dareen in
Bengaluru; Editing by Shailesh Kuber)
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