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The petrochemical industry is a high environmental risk industry because a large amount of toxic, hazardous, flammable and explosive substances were used in the processes of manufacture and operation. If the accidents of the leakage of chemicals, explosions and fires occurred, it would lead to release of toxic substances. The accidental releases are very dangerous to the republic health and the environmental receptor. Therefore, it is urgent to strengthen environmental risk assessment and management of petrochemical industry. Taking one petrochemical enterprise of Nanjing Chemical Industrial Park as an example, the essentials of environmental risk assessment of petrochemical project were analyzed. By identification of significant environmental risk sources, the chlorine leakage accident of storage tank was determined as the maximum creditable accident, and the method for leaking source strength calculation was given. Then the consequences of determined the maximum creditable accident was predicted by using gas diffusion model and the results of risk analyses were obtained. The results indicated that the damage distance was 1.4km if Chlorine leakage occurred under the disadvantageous weather conditions. The similar results were given using the software RMP* Comp provided by United States EPA. According to the RMP* Comp, the distance was 1.3km at the same weather condition. Risk assessment results showed that it would affect outside-factory environment if the chlorine leakage accident happened in the factory. Therefore it is required to improve the level of environmental risk management and to take necessary prevention measures. Finally risk management suggestions for petrochemical industry were put forward. Practical management strategies developed by evaluation results could reduce the probability of accidents release and prevent the occurrence of chlorine leakage more efficiently. The paper can provide a reference for people who do the related research on environme- - ntal risk assessment of petrochemical industry.