INSTITUTE, W.Va. -- The National Academy of Sciences is studying how to reduce or eliminate the storage of a toxic chemical at Bayer CropScience's plant in Institute.

The U.S. Chemical Safety Board said Thursday that the $575,000 study will look at the storage of methyl isocyanate, or MIC. Board chairman Rafael Moure-Eraso says he hopes the study will be a model for the chemical industry to assess and reduce toxic hazards.

Bayer has said it plans to cut MIC storage at the plant by 80 percent and build an underground tank to hold the chemical.

An aboveground tank was near the site of an explosion that killed two employees in 2008. No MIC was released, but the blast raised concerns about potential damage to the tank.

A Bayer spokesman says the company will cooperate with the study.