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10
Annual report 2012 www.recope.com
VOLUMETRIC COMPOSITION OF IMPORTS
YEARS 2009 - 2012 TO DEC 2012
Source: Department of Business Planning and
Management International Fuel Trade. January 2013.
The company´s import process is affected by external factors
over which RECOPE has no control, such as the behavior of
oil prices and derivatives. These have a strong impact on the
country’s oil bill.
During 2012, RECOPE S.A. imported a total of 2,865,660 cubic
meters (18.02 million barrels) of product; this was 3.7% less
than in 2011 when the purchases amounted to 2.9 million cubic
meters (18.7 million barrels). The total CIF cost decreased by
0.6% over the previous period, from US $2.189 million (paid
in 2011) to US $2.175.639
in 2012 (with an average cost of $
120.70/bbl at cocktail price).
This difference between invoice and volume holds that each
barrel of imported product on December 31, 2012, cost an
average of US $3.7 more than in 2011.
In 2011 the growth had been 36.5% in comparison with the
January-December 2010 period, as the weighted price per
barrel of imported fuel rose 35.1%, about $30 more was paid
per imported barrel.
It must be noted that RECOPE submitted three quality claims of
US $119,519 which have not yet been resolved by the suppliers.
Import oil bill