LyondellBasell subsidiary agrees to pay $162 million fine to settle environmental claims
By APWednesday, March 31, 2010
Lyondell Chemical agrees to pay $162 million fine
NEW YORK — Federal prosecutors say Lyondell Chemical Co. has agreed to pay $162 million to settle environmental claims. They stem from the contamination of nine properties it owns in seven states.
Prosecutors said an agreement was filed late Tuesday in bankruptcy court in Manhattan. It calls for Lyondell to pay for the cleanup of a total of 15 properties and sites. The other six sites are Superfund sites.
Houston-based Lyondell Chemical is a subsidiary of LyondellBasell. LyondellBasell recently said Lyondell Chemical intends to raise $3.25 billion in debt to emerge from Chapter 11.
LyondellBasell is the world’s third-largest independent chemical company. Its products are used in gasoline, plastics, electronics, autos, paints and many other products.
