The petrochemical industry is inherently high-risk, prone to accidents with irreversible human and financial consequences. This study aims to assess risks and analyze the consequences of accidents in an ammonia storage unit (Tank 5001-TK). The studied tank, with a capacity of 3,100 cubic meters, an operational temperature of 34.4°C, a pressure of 0.008 MPa, and a height of 27 meters, contains liquid ammonia. The PHAST software was used to model four critical scenarios: Explosion, pool fire, toxic gas dispersion, and jet fire. Modeling parameters included a 2-inch horizontal leak at a height of 1 meter to determine the fire zone, thermal radiation flux levels of 4 and 12.5 kW/m², explosion-induced pressure levels (0.2, 0.14, and 0.02 bar), and the critical toxic vapor concentration (IDLH of 300 ppm). Results revealed safe radii for toxic gas dispersion, pool fire, explosion, and jet fire scenarios as 408, 89, 113, and 120 meters, respectively. These findings enable precise identification of vulnerable zones and operational safety boundaries. Consequence modeling using PHAST demonstrates high effectiveness in predicting hazard ranges and formulating preventive policies, such as managing safety distances, optimizing equipment design, and personnel training. This study emphasizes the necessity of integrating modern analytical methods with safety standards to mitigate damages in the petrochemical industry.