This paper presents a methodology for risk assessment of plants producing and storing explosives. The major procedural steps for quantified risk assessment (QRA) in explosive plants are the following: hazard identification, accident sequence modeling, data acquisition, accident sequence quantification, consequence assessment and integration of results.This methodology is demonstrated and applied in an explosive plant consisting of four separate units, which produce detonating cord, nitroglycol, dynamites and ammonium nitrate fuel oil (ANFO). A GIS platform is used for depicting individual risk from explosions in this plant. Total individual risk is equal to 1.0 × 10-4/y in a distance of 340m from the center of the plant, and 1.0 × 10-6/y in a distance of 390m from the center of the plant.