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Horizon repairs cost $726m

PHOTO. A 2012 file photo of Canadian Natural Resources Ltd. Horizon facility. The worksite lies about 80 kilometres north of Fort McMurray, Alta. MYMCMURRAY/File Photo.

The price tag for the repairs to CNRL’s Horizon project has been revealed – and it wasn’t cheap.

The Canadian Underwriter Insurance Journal reports that repairing the project after last January’s explosion and fire cost the company 726 million dollars.

The explosion happened because of an error in a valve opening at the top of a coking drum.

Physical damage to the coker was 393 million dollars while the business interruption cost the company the additional 333 million dollars.

Published April 18, 2012