This work presents a thorough hazards identification methodology for liquid hydrocarbon fuel storage tanks, by applying a checklist technique on the accident causes and the relevant protection measures, in the framework of implementing the SEVESO Directive series. A forum discussion with Greek industrial safety experts has also been organized by the authors in order to improve and correct any lack of the method. Results are presented and discussed, and it is concluded that the present hazard assessment method helps to identify the major contributors to risk, to improve safety measures and to assist the analysis in these aspects.