HOUSTON, TX -- (Feb 24, 2006) -- TPC Group, Inc. (the "Company") (OTC: TXPI.PK - News) today announced that TPC Group LP has signed a letter of intent to purchase the assets of the United States butadiene and related MTBE operations of Huntsman Corporation, which includes a manufacturing facility located in Port Neches, Texas, for a purchase price of $275 million, subject to customary adjustments. The transaction is expected to close in mid-2006.

The Port Neches manufacturing facility has a capacity of approximately 900 million pounds of butadiene per year. The addition of these assets creates a business with more than $1.7 billion in revenues on a pro forma basis based on calendar year 2005 results.

"The purchase of these assets represents an important step for the Company in its overall long-term growth strategy," said Charlie Shaver, the Company's President and CEO. "These assets, when combined with our current operations in Houston, will provide cost synergies that will allow us to better serve our customers and suppliers while providing continued long-term growth in value to our shareholders."

Headquartered in Houston, Texas, TPC Group LP is a premier chemical company with more than $1 billion in annual sales. The Company provides quality C4 chemical products and services to both local and global industry companies. The Company has manufacturing facilities in the industrial corridor adjacent to the Houston Ship Channel and operates product terminals in Baytown, Texas and Lake Charles, Louisiana. For more information, visit the Company's web site at www.txpetrochem.com.

Cautionary Information Regarding Forward-Looking Statements

Certain oral and written information that the Company may make publicly available from time to time may constitute forward-looking statements. Such statements may relate to future operating results, existing and expected competition, financing and refinancing sources and availability, and plans related to acquisitions or other future expansion activities and capital expenditures. Forward-looking statements involve a number of risks and uncertainties that may significantly affect the Company's liquidity and results in the future and, accordingly, actual results may differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, those related to effects of competition, leverage and debt service, financing and refinancing efforts, litigation and governmental investigations, environmental laws and regulations, general economic conditions and changes in laws or regulations.

CONTACT:
Ruth Dreessen
Chief Financial Officer
PHONE: 713.475.5246

Christopher Artzer
General Counsel
PHONE: 713.475.5201

McCall Keyser
Vice President
Finance and Treasury
PHONE: 713.475.7415