Thai Olefins' losses judged 'not too bad'
24 October 1994 00:00 [Source: ICB]
PRELIMINARY DAMAGE assessment by lenders and insurers at Thai Olefins's 350 000 tonne/year cracker at Mab Ta Phut, which suffered an explosion last month, concluded that the damage was not as severe as had initially been feared.
Property losses are likely to be 'in the hundreds of thousands of dollars as against the initial $1-2m estimates', said an assessor seconded by the consortium of bankers on the project. However, a fourth death, of a technical assistant from Petkim, has been confirmed.
Eight out of nine TOC furnaces are now expected to be restarted by end-October, with the ninth most damaged furnace scheduled for a January restart.
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