This Research paper is a depiction of the application of the analytical hierarchy process in assigning appropriate and cost effective maintenance methodology to a petrochemical production unit based on Economic risk assessment. The process is employed in making decisions that are geared towards establishing a maintenance strategy to cover the four economic- safety risk zones that the risk-based inspection identifies in a petrochemical complex. The paper will show the process which is to be followed in identifying the areas in the industry that need increased care and maintenance to ensure the safety of the working personnel, the equipment, cater for minimal costs as well as minimize the effect on the environment, while maximizing productivity. Apart from risk areas, four main maintenance strategies are discussed. These strategies include preventive maintenance, corrective maintenance, predictive maintenance and reliability based maintenance. The benefits of these maintenance strategies are also clearly discussed.