5
RECOPE MEMORIA ANUAL 2015
accordance with current and future market demand.
The infrastructure development activities taking
place amount to $289 million, and include
improvements over the import infrastructure, the fuel
loading and sale systems, and the storage capacity
– which would allow for products to be stored
for greater periods of time. This, in turn, would
strengthen the National Fuel System (CNS as per its
Spanish acronym), and contributes to ensure energy
security in Costa Rica.
As part of the infrastructure development, the
construction of eight new storage tanks would allow
the company to increase their capacity to store
more high-demand products, which are typically put
in storage in Barranca, La Garita and El Alto storage
sites. The addition of these new storage tanks is
essential to meet current and future nationwide
market demand, and to ensure the supply of fuel is
accomplished in a timely manner.
Also in Moin, the largest and most prominent
stockyard in Costa Rica, three additional storage
tanks are in the process of being installed; two with
a capacity of 100 thousand barrels (bbl), one for
storing fuel and one for storing bunker crude, and
another with a capacity of 350 thousand barrels,
the largest ever built in the country, for storing
diesel. Furthermore, in that same site, work on
the development of the Liquefied Petroleum Gas
Storage System is also underway. This includes the
installment of five additional Horton Spheres, each
with a storage capacity of 3750 m
3
(25,000 bbl), and
six additional gas cylinders with a storage capacity
of 225 m
3
(1,500 bbl).
Meanwhile, in the Caribbean, the new oil terminal
is expected to be fully operational by 2016. The
completion of this mega-project will allow RECOPE
to accommodate oil tankers and vessels of up
to 80,000 deadweight tons. The dredging, the
breakwater, the pile foundation, and the access road
entrance were completed in 2015.
With the completion of these projects, the company
expects the import logistics to improve and the
safety stock levels to be maintained. This will allow
RECOPE to ensure the availability of the different
types of fuel, and that the quality requirement
conditions are met, in accordance with current
standards. RECOPE fully complies with said
standards and even exceeds them in terms of
octane rating and reducing sulfur levels in diesel,
gasoline, and bunker crude.
Likewise, this section presents the financial
position of the company, supported by the financial
statements, in order to demonstrate how RECOPE
complies with the cost of service principle.
In regards to operational costs, the company
continues to support its goal to reduce controllable
costs, and implemented the austerity measures
adopted by the government of the Republic of
Costa Rica.
Moreover, the company’s efforts to control and
prevent risks are also made known in Part I.
Additionally, the technological advancements
implemented by the company, which allowed for the
streamlining of management and sale procedures,
are highlighted, and the environmental and social
responsibility principles, under which the company
operates, as part of its commitment with the Costa
Rican society. This is part of the company’s quality
assurance and continuity policy.
Lastly, the challenges are listed, where should
prevail the strengthening of business activity under
the principle of efficiency and effectiveness, in every
activity related with our daily work.
Sara Salazar Badilla
President
