Poor hydrocarbon process safety costs top $34B

THE combined financial loss from the 100 largest accidents in the hydrocarbon industry has been estimated at more than $US34 ($A37.6) billion, according to insurer Marsh.
Poor hydrocarbon process safety costs top $34B Poor hydrocarbon process safety costs top $34B Poor hydrocarbon process safety costs top $34B Poor hydrocarbon process safety costs top $34B Poor hydrocarbon process safety costs top $34B

The data, published in Marsh's The 100 Largest Losses 1974-2013: Large property damage losses in the Hydrocarbon Industry 23 edition holds almost 10,000 records spanning more than 40 years.

The losses are dominated by the upstream (34%), and refining sectors (29%). The petrochemical sector accounts for almost a quarter of losses (23%) and gas processing and distribution centres accounted for 9% and 5% respectively.

Marsh reported that eight losses had entered the 100 largest losses list since 2011. These included the Sendai refinery in Japan; the Geismar petrochemical facility in Louisiana, US; and La Plata refinery, Ensenada in Argentina.

The Piper Alpha Disaster in the UK' North Sea tops the list, with estimated losses of $US1.8 billion, followed by the Pasadena petrochemical plant explosion, Texas, US, which incurred losses of $US1.4 billion.

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