Market likely to avoid $300mn Port Arthur tab
The commercial (re)insurance market largely looks set to avoid a possible $300mn loss from the shutdown of the largest oil refinery in the US, Inside FAC understands.
Last month while workers repaired a minor leak at the newly expanded Port Arthur, Texas plant owned by Motiva Enterprises, a chemical leak occurred at the crude distillation unit (CDU).
While harmless when mixed with crude, the undiluted caustic vaporised into a corrosive agent as the chamber heated up to 700 degrees Fahrenheit...
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