22nd Sep 2014 09:45
LONDON (Alliance News) - Hydrodec Group PLC Monday said it has received a further interim payment on its insurance claim related to the fire at its Canton re-refinery in the US state of Ohio in December 2013.
The cleantech industrial oil re-refining company said it has received confirmation from insurers of an agreement to make further interim payments to the company of USD6.5 million, of which USD3 million has so far been received by Hydrodec.
The interim payments received or agreed to pay now sit at USD12 million, Hydrodec said.
Hydrodec said progress on the rebuilding programme and expansion of the Canton site is continuing. It said the plan has been integrated into a single project and remains on target for all six trains to be commissioned and operational by the end of the first quarter of 2015.
The Ohio plant was hit by an explosion and subsequent fire in its reactor building in December. The group later said it would commit to expanding capacity at the site by 50% this year.
Hydrodec shares were down 2.1% to 10.65 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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