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Environment

Lyondell To Pay For Site Cleanup

by Ann M. Thayer
April 5, 2010 | A version of this story appeared in Volume 88, Issue 14

LyondellBasell has settled environmental claims brought by EPA, the Department of Commerce, and the Department of the Interior. The company will pay a total of about $162 million in cash for the cleanup of 15 hazardous waste sites across various states. About two-thirds of the money will go into a custodial trust, and the rest will be used to fulfill Lyondell's obligations at six Superfund sites. The government has another $1.1 billion in claims against Lyondell but anticipates getting only a fraction of the money owed as a creditor under Lyondell's bankruptcy reorganization plan.

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