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RECOPE ANNUAL REPORT 2015
The provisional shipment details of the first Horton
Sphere (7711) were approved and final delivery was
arranged. The four remaining Horton Spheres, each
with a storage capacity of 25 thousand barrels,
underwent hydrostatic testing and, as per the
American Society of Mechanical Engineers (ASME),
were assigned the corresponding marking labels.
Once the project is completed, the installation of
the remaining four Horton Spheres will increase the
total storage capacity by 154 thousand barrels. The
project will be fast-tracked and is expected to be
50% complete by the end of the year.
The portion of the amended budget as at December
financed with own funds amounted to ¢3,544.6
million colones, ¢2,776.8 million colones of which
were used; representing a budget execution of
78.34% of the total budget assigned.
INSTALLATION OF STORAGE TANKS IN MOÍN
PLANT AND STORAGE SITE
This project consists of the installation of three
storage tanks with the capacity to store 100
thousand barrels of premium gasoline, 100
thousand barrels of bunker, and 350 thousand
barrels of diesel at the Moín storage site.
The portion of the amended budget financed with
own funds amounted to ¢181.4 million colones by the
end of the period, ¢57.1 million colones of which were
executed. The portion of the amended budget financed
with bonds rose to ¢5,372.3 million colones, ¢5,053.8
million colones of which were executed (94.1%).
In accordance with reports in December 2015, 74%
of engineering works were completed; 67% of minor
works (ramps, trench excavation, and levees) were
completed; 53.6% of mechanical works (ceiling
framework and hoisting of storage tanks) were
completed; 10% of the cathodic protection system
was completed; and 10% of the electrical works
were completed. Overall, 51.6% of the project has
been completed.
¢7,291.2 million colones of the amended budget
at December 31st, 2015 was financed with bonds,
¢7,143.2 million colones of which were used;
representing a budget execution of 98% of the total
budget assigned. ¢235.9 million colones of ¢416.1
million colones was financed with own funds.
INSTALLATION OF 4 BLACK PRODUCT
STORAGE TANKS IN REFINERY
This project consists of the installation of 2 storage
tanks with the capacity to store 15,000 barrels of
bunker, and 2 storage tanks with the capacity to
store 15,000 barrels of asphalt. The total cost of the
installation project is $14.8 million and, at the end of
the period, 84% of the project had been completed.
By the end of 2015, the floor paint and the thermal
insulation treatment of the bunker storage tanks was
still incomplete; whereas the asphalt storage tanks,
on the other hand, had begun hydrostatic testing
and thermal insulation treatment.
In 2015, the portion of the amended budget
financed with own funds amounted to ¢101.6
million colones, ¢63.3 million colones of which
were executed; the portion of the amended budget
financed with bonds amounted to ¢1,551.5 million
colones, ¢1,311 million colones of which were
executed.
LIQUEFIED PETROLEUM GAS STORAGE
SYSTEM (SAGAS AS PER ITS SPANISH
ACRONYM)
The Liquefied Petroleum Gas Storage System
project consists of the installation of five Horton
Spheres, each with a storage capacity of 250,000
barrels of LPG, and six horizontal cylindrical storage
tanks, each with a storage capacity of 9,000 barrels
of LPG. Felguera IHI S.A., a Spanish company, is in
charge of this project.
