2nd Jun 2014 07:32
LONDON (Alliance News) - Hydrodec Group PLC Monday said it has received confirmation from its insurers that it will receive a further USD3.5 million insurance payment related to an incident at its Canton re-refinery in the US during December 2013.
The cleantech industrial oil re-refining group said it is continuing to make good progress towards a final settlement of the claim with its insurers after receiving confirmation of the USD3.5 million pay out.
The claim for the Ohio refinery came after the plant was significantly damaged by an explosion and subsequent fire at the plant in December 2013.
In February, Hydrodec announced that it had received an initial USD2 million payment in respect to the insurance claim and at the time was hoping to have its insurance position relating to the incident completely settled by the time it released its full-year results on March 28.
The company said in December that the facility is now safe and operational capabilities have been restored so that it can receive and dispatch oil, while it is continuing to expand the capacity of the plant by 50% in 2014.
Hydrodec shares were trading up 2.1% at 10.98 pence early Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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