Recope lost ¢ 10,000 million for sales of bunker to ICE

Refinery started charging, but Institute refuses to pay until ARESEP ordered

Resources would be recovered via rate adjustment, as both institutions

May 24th, 2014

The Costa Rican Petroleum Refinery (Recope) lost ¢ 10,000 million by selling fuel below its actual cost, the Costa Rican Electricity Institute (ICE).

This study indicates the estimate of the losses incurred by the sale of low sulfur bunker ICE, last November 28 and made ​​by Recope which has copy Nation.

Marketing of oil supplied, between December 27, 2010 to June 11, 2013, the thermal power plant ICE Garabito of Puntarenas.

The report noted that, during those two and a half years, just over 390 million liters of fuel were imported. This had a cost of over ¢ 134,000 million for the Refinery. But the Institute paid ¢ 124,000 million.

The difference occurred because the rate authorized by the Regulatory Authority of Public Services (Aresep) was for a lower quality hydrocarbon and not for the bunker known as 'gourmet'.

However, Recope and ICE established a joint agreement in May 2011 for the importation of that fuel, although tariff-was not recognized.

According to the agreement, ICE agreed to pay the additional cost of imports, relative to the regulated price, but even when ARESEP establish the new cost.

The Regulatory Authority issued the new rate for the low-sulfur bunker in June 2013.

At that time, did Recope calculating your loss and began, in late 2013, the retroactive payment to ICE administratively confirmed Luis Carlos Solera, head of Economic and Financial Studies Refinery.

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