The obligation to pay any additional amount will fall to a liquidation trust that will take over management of the refinery’s remaining business affairs after the real estate is sold. “We feel very lucky, we feel honored,” Roberto Perez, chief executive officer of the real estate development company, said in a phone interview with WHYY.

“With the permanent end to the city’s largest industrial source of harmful air pollutants and climate pollution,” Philadelphia has a once in a generation opportunity to rethink the long-term future of this important site to ensure it protects our environment, health, and safety while spurring economic development and high-paying union jobs," said Joseph Otis Minott, executive director and chief council of Clean Air Council. Hilco’s redevelopment plans call for a new logistics warehousing hub to be built on the site, though few specifics have been released publicly. South and Southwest Philadelphia residents and groups have called for a cleaner future use of the site that would advance environmental justice. Our goal is to jump start a robust public conversation about how Philadelphia can best integrate the site into the city over the next century”. The credits, which are traded on open markets, would cost about $78 million to buy at current prices, according to the Oil Price Information Service. “This is a huge, huge victory,” she said. If approved, the lead concentration allowed on the first 2 feet of sites like the PES refinery complex would rise from 1,000 parts per million to 2,500 ppm. Pa. proposes to relax non-residential lead cleanup standards. The decision represents an estimated $2.2 billion investment for the central Delaware waterfront and overtook a Sixers arena proposal. Ethanol producers, who sell the renewable credits, had objected in the first bankruptcy that allowing PES off the hook would undermine the Renewable Fuel Standard, which is aimed at bolstering the biofuels industry. The vision for the Lower Schuylkill rests on the principles of social and environmental justice; climate adaptation; and inclusive growth and prosperity.

For a better experience, click the icon above to turn off Compatibility Mode, which is only for viewing older websites. The EPA, in a court filing Monday, said it agreed to the settlement rather than insisting on full payment in order to avoid scuttling the refinery’s reorganization. The former PES refinery site in South Philadelphia. The 1,400 acre PES refinery site on Philadelphia’s Lower Schuylkill River was purchased by Hilco Redevelopment Partners earlier this year after a fire and explosion in the summer of 2019 caused PES to declare bankruptcy. Want a digest of WHYY’s programs, events & stories? The credits, which are traded on open markets, would cost about $78 million to buy at current prices, according to the Oil Price Information Service. Clean Air Council today released “Visioning the Future of the Philadelphia Energy Solutions Refinery Complex,” a report about  the potential long-term future of the former 1,400-acre Philadelphia Energy Solutions (PES) oil refinery site on the Lower Schuylkill.

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