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In September 1975 ratifies the decision of
nationalization ordered private companies to sell
their assets at the Refinery.
Law No. 6588, published in La
Gaceta, #154, on the 13th of
August, 1981, regulates RECOPE´s
activity and gives it the character
of a public company.
The following are defined as
RECOPE´s objectives: refinery,
transport, crude oil (and its
derivatives) bulk sales, to maintain
and develop the necessary
facilities, obtain prior approval of
the Comptroller General of the
Republic and then execute plans
regarding the development of the
Energy Sector as regulated by the
National Development Plan. (6588
Act)
RECOPE is prohibited from
making loans, donations, granting
subsidies and building inter-
ocean pipelines without prior
legal permission.
The selling price of its products is
set by the SNE, as reiterated in Law
7593, which transformed the SNE
into the Autoridad Reguladora de
Servicios Públicos (ARESEP).
The
regulatory
body
is
empowered to set a uniform price
at RECOPE´s supply campus.
RECOPE is authorized to market
oil and oil products abroad,
provided that the domestic
supply is guaranteed, and to
establish the conditions of sales
in accordance with international
markets.
Law No. 7356, published in La
Gaceta, # 170, on the 6th of
September, 1993, known as the
Monopoly Law ratifies the State
monopoly to “import, refine
and manage the wholesale
distribution of crude oil and
its derivatives, including fuels,
asphalt and gasoline, to meet
domestic demand”.
50 YEARS OF HISTORY