15
RECOPE ANNUAL REPORT 2015
Another factor that influenced the decrease in the
total invoiced amount was the import volume, which
was considerably lower in 2015 than in 2014; falling
from 3112 thousand m
3
in 2014 to 3011 thousand
m
3
in 2015. This was caused by a decrease in the
purchases made by the Instituto Costarricense de
Electricidad (ICE), who no longer required fuel oil for
its Plant in Garabito, in comparison to the previous
year.
COMPOSITION OF OIL IMPORTS AND OIL BILL
In 2015, RECOPE S.A. imported a total of 3,011,142
m
3
(18.94 million barrels) of finished product. The
total CIF invoice (Cost, Insurance and Freight) value
was US$1214.9 million, with an average price per
barrel of $64.15/bbl. This price is 59.62% lower than
the average import CIF value observed in 2014,
which rose to US$107.6 per barrel.
Note: The data collected from 2011-2014 are the actual observed quantities. The estimated available budget for 2015 was used for comparative analysis purposes.
Source: Office of International Fuel Commerce. Recope. January 2016.
IMPORT VOLUME (M
3
), AVERAGE PRICE PER BARREL ($/BBL) AND INVOICE AMOUNT.
2012-2015
Accumulated m
3
(actual)
2.866
2.999
3.112
3.011
76,9
115,7
107,6
64,15
2.700
2.750
2.800
2.850
2.900
2.950
3.000
3.050
3.100
3.150
2012
2013
2014
2015
Volume (thousands of m
3
)
Approximate/Weighted Price ($/bbl)
Average Price ($/bbl)
Oil bill
$2.176 million
$2.182 million
$2.106 million
$1215 million
120,7
