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• 1961 - The Company came into
legal existence on the 16th of
May, 1961, by initiative of private
entrepreneurs
who
founded
the
Refinadora
Costarricense
de Petróleo (RECOPE S.A.). This
group presented the Ministerio de
Hacienda with a proposal to install
a refinery under the Commercial
Code and the Law on Protection
and Industrial Development #
2426.
• 28th of June, 1963 – This date
is considered as the initiation of
RECOPE`s business. On this day
RECOPE S.A. associatedwith Allied
Chemical, a U.S. company, and
obtains the Legislative Assembly´s
approval to construct a refinery
in Limon, under the Industrial
Contract 53-62, and agreeing to
give the Costa Rican State 15% of
the shares.
• 1967 - The construction of the
refinery comes to an end and the
installation of the first pipeline
fromMoin to El Alto de Ochomogo
begins (120 km).
• 1973 and 1974, the Costa Rican
government acquired 100% of
RECOPE´s shares for the symbolic
price of one U.S. dollar (US $ 1).
The Legislative Assembly ratified
this decision through the Law
5508.
• 1975 - Executive Decree No. 5154
on the 1st of September of 1975
ratifies the decision to nationalize
the Company and orders private
companies to sell their assets to
the Refinery. The laws prohibited
RECOPE from operating outlets so
these were sold to individuals.
LegalFramework
RECOPE is a corporation formed by
a leading body (the Government´s
Council) which functions as
a Shareholders Assembly; an
administrative body (the Board of
Directors) and a controlling body
(Internal Audit) in representation
of the General Comptroller of the
Republic.
Act No. 5508 formalized the
transfer of 100% of the shares to
the government of Costa Rica,
and prohibits selling, conferring
or pledging any of RECOPE´s
representative capital shares.
history
moving Costa Rica
50 years of