Koch Industries, the privately held multibillion dollar corporation and largest shareholder of the Colonial Pipeline Company, has no liability over Monday’s deadly pipeline explosion in Shelby County, Alabama.The company, based in Wichita, Kansas, owns a little over 28 percent of the Colonial Pipeline Company but is deemed only as an investor along with four other co-owners, a New York energy analyst told AL.com Tuesday. None of the other Colonial owners are responsible for the explosion that killed one and injured at least five.
“The companies that own the Colonial Pipeline Company are a lot like the shareholders of a publicly traded organization, so they aren’t going to be held responsible for workplace incidents that happen,” Peter Molica, a senior director and analyst of pipelines and midstream energy at Fitch Ratings, one of the country’s biggest credit rating companies. “The overall ramifications of the explosion probably won’t be known until the investigation is complete, but I’m sure the owners are worried that there is trouble at one of their investments and are looking closely at insurance coverage.”
Yeah, I’m sure they are.