Thailand: Fire damage at oil and gas plant estimated at nearly $15 million

Posted On: Jun. 12, 2014 12:00 AM CST

Damage from a fire and two explosions at IRPC Public Co. Ltd.'s oil-and-gas filtration plant in the Rayong province is estimated to be at least 480 million Thai baht ($14.7 million), The Nation reported.

The plant will have to be shut down for around three months, resulting in revenue loss of around THB 160 million ($4.9 million) per month. The company has property/casualty insurance with a coverage limit of $1.2 billion. The policy includes a $5 million deductible for property damage.