This paper describes the methodology, analysis and results of a Risk Based Assessment (RBI) study conducted on all fixed equipments and process piping circuits of this unit, which was the first effort of this kind in Iran. This paper summarizes the experiences in developing and implementing a risk based inspection strategy and the value of the RBI approach in terms of its contribution to the company’s business drivers. Limitations in conducting some API 581 second edition procedures for calculating probability and consequence of failure and solutions applied are also described. The study has resulted in numerous benefi ts for the plant, which include safety and compliance issues, cost savings, and focused inspection plans using the latest NDE technology, and will assist management in making informed, defensible operational decisions. Finally, some useful lesson learned are included to prevent common problems from recurring, to stimulate the application of better practice and where possible to prevent or reduce the failure.

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