Bangchak is fully insured: Dhipaya
Bangchak Petroleum expects to witness no financial impacts from today's blaze, while its insurer is ready to cope with damage claims.
In the filing to the Stock Exchange of Thailand, Bangchak said that the refinery complex was fully insured and the company is covered by a business continuity insurance policy. Meanwhile, it expects no impact on the retail oil business from the refinery suspension.
It will close the complex for full week, while the third crude-distillation unit which caught the fire would be suspended for 30 days.
In a separate statement, Dhipaya Insurance President Somporn Suebthawilkul said that Bangchak is insured for Bt23.5 billion, for assets - refineries, stocks and machinery - as well as business disruption and third-party claims worth Bt1.5 billion.
"Dhipaya is the sole insurer of Bangchak, but this incident would not dent our financial position as this policy has been mostly re-insured by foreign insurers," Somporn said.
Dhipaya's officers will soon inspect the site and it is initially expected that within a month, the damage figure would be finalised.
