Tarragona is located 70 miles south west of Barcelona, the regional capital of Spain's Catalonia region.
Another person was killed in a nearby house destroyed in the blast, officials said.
Following the explosion, around 24 emergency vehicles rushed to the scene and the Catalan fire brigade said it had rescued three injured people who were being attended by emergency services.
The dead person was found in a nearby building that collapsed. At around 2 a.m., for safety reasons, they suspended the search for the missing worker.
IQOXE is the only producer of Ethylene Oxide in Spain, with an installed capacity of 140,000 tonnes per year, and 50% of this production is destined to the manufacture of Glycol, one of the main raw materials for the production of PET polymers.
Some local residents told Tarragona Radio that the blast could be heard from miles away.
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