The paper "Texas Refinery Explosion" is an outstanding example of a finance and accounting assignment. Accidents and catastrophes are a common phenomenon in the few past years. Catastrophes range from man-made to natural calamities. However, to some extent, man-made calamities can be intercepted but natural catastrophes cannot easily be intercepted. Consequences associated with catastrophes lie within socio-economical and environmental concerns. Thus, the aim of this report is to analyze Texas Oil Refinery Explosion that occurred in 2005. The industrial facility is located in Texas in the United States. Moreover, the paper tries to explain what happens, how it happened, why it happened, consequences and lessons that were learned due to the incident.
Finally, the paper will try to show the implications that such a disaster occurs in Preston could have. 2.0 What Happened On March 23 2005 at around 1.20 pm, there was an explosion and fire that occurred at Texas City in which one of BP’ s largest and the most complex oil refinery was the casualty. The hydrogen isomerization unit was the scene of the incident in which there was an explosion followed by the fire.
It resulted in 15 people dying and more than 170 been injured. All the people who died were contractors who were on site. The refinery is located on a 1200-acre piece of land, employs about 1600 staff and support 30 process units. In addition, approximately 800 other contractors were on site rejuvenating the refinery, which had taken nine months. The BP refinery plant produces jet fuels, chemical feedstocks, diesel fuels and gasoline. It is estimated that the refinery has a capacity of 460,000 barrels per day and has the ability to produce 11 million gallons of gasoline per day. 3.0 How it happened After the completion of the turnaround of the refinery, the huge steel hydrogen isomerization unit was been restarted after two weeks after it had stopped operating.
The isomerization commonly known as isom boosts the octane part of gasoline. Moreover, restarting or starting the oil refinery is usually the most dangerous time.
Baker et al, 2007, The Report of The BP U.S Refineries Independent Safety Review Panel, Retrieved from http://www.csb.gov/completed_investigations/docs/Baker_panel_report.pdf [Accessed 17 February 2009]
Gerstein, M. & Ellsberg, M., 2008, flirting with Disaster: Why Accidents are Rarely Accidental, New York: Union Square Press.
Gilmour, S. et al & Chemical Safety and Hazard Investigation Board, 2008, Anatomy of a Disaster Explosion at BP Texas City Refinery, Chicago: U.S. Chemical Safety Board Publishers.
Hearst Magazines, Jul 2005, Popular Mechanics, Vol. 182, No. 7.
Information on Preston, 2009, About Preston, Retrieved from http://www.preston-ct.org/html/about_preston___.html [Accessed 17 February 2009]
Institution of Chemical Engineers (Great Britain), 2008, Hazards XX: Process Safety and Environmental Protection, Harnessing Knowledge, Challenging Complacency, London: Institution of Chemical Engineers Publishers.
Maguire, R., 2006, Safety Cases and Safety Reports: Meaning, Motivation and Management, London: Ashgate Publishers.
Regester, M. & Larkin, J., 2008, Risk Issues and Crisis Management in Public Relations: A Casebook of Best Practice, 4th Ed., London: Kogan Page Publishers.
Santiago, M., 2006, The Ecology of Oil: Environment, New York: Cambridge University Press Publishers.