After The Explosion At The Ohio Facility, Bp (Bp Stock) Fired Most Of Its Contractors – Sources Said

BP Stock

BP Plc (NYSE:BP) dismissed most of the contractors at its 160,000-barrel-per-day Toledo, Ohio, refinery, sources said Wednesday. BP Stock price was not really affected by the incident.

BP Stock Price Per Share

As of Tuesday, the price of BP shares has increased by 0.83 percent as investors attempt to recoup some of the recent losses that the firm has incurred. Recently, oil equities have been under pressure as a result of declining oil prices, which have occurred in conjunction with a strengthening dollar and worries of a worldwide recession.

This indicates that the plant will experience a prolonged shutdown as a result of the explosion and fire that occurred the previous week.

The explosion took the lives of two brothers named Max and Ben Morrissey, who were both members of the United Steelworkers union.

In the aftermath of the explosion that occurred in the middle of last week, the more than 100-year-old refinery has been rendered inoperable. At this very time, there is at least one construction company that has come on the scene in order to perform an inspection of the damage. According to the United States Chemical Safety Board, which is also investigating the incident, the event also resulted in the emission of sulfur dioxide and hydrogen sulfide, as well as significant damage to property. This information was obtained from the investigation conducted by the United States Chemical Safety Board.

Cenovus has asked BP (NYSE:BP) for comment on the matter, but BP declined to comment.

The official investigation has not been able to ascertain what caused the explosion. According to a source who had a conversation with Reuters, it is possible that gases that were leaking from one of the crude units were the cause of the ignition that occurred in one of the facility’s other units. According to the information provided by the source, the fire was responsible for the destruction of numerous apartments.

In the most recent few weeks, workers at the facility completed a maintenance turnaround, and the factory has resumed normal operations.

Cenovus announced in August that it would purchase the other half of the share in the BP-Husky Toledo Refinery that it does not currently hold. By the end of the year 2022, it is projected that the deal will have been successfully completed.

Through the purchase of a fifty percent ownership position in the Toledo refinery in 2008, Husky Energy (OTC:HUSKF) Inc. established a partnership with BP to form a joint venture. After that, in 2021, the interest was acquired by Cenovus, located in Calgary, due to its merger with Husky.

According to the website for BP, the refinery can generate 600,000 gallons of jet fuel, 1.3 million gallons of diesel fuel, and 3.8 million gallons of gasoline every single day.

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About the author: Valerie Ablang is a freelance writer with a background in scientific research and an interest in stock market analysis. She previously worked as an article writer for various industrial niches. Aside from being a writer, she is also a professional chemist, wife, and mother to her son. She loves to spend her free time watching movies and learning creative design.