26th Feb 2014 12:11
LONDON (Alliance News) - Hydrodec Group PLC Wednesday said it has received an initial USD2 million payment in respect to its insurance claim on the Canton re-refinery in the US.
The cleantech industrial oil re-refining group said it is continuing to follow the due process regarding its claim and final settlement with its insurance broker and the insurers.
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.
Hydrodec said that it may delay the publication of its 2013 results from March 28 as it believes it would be preferable to have the insurance position settled, if practicable and feasible, prior to the results being released.
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 down 1.5% to 14.16 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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