American Expatriate Costa Rica

State refinery reports loss of 6 billion of colones in 2015

The Costa Rican Oil Refinery (RECOPE) has reported an operating loss of 6 billion of colones in 2015.

The negative result was due to a decrease in oil sales by 2 pecent, while labor have increased, according to financial reports.

RECOPE attributed the loss to an extraordinary benefit for a group of workers who retired last year.

The company sold 19 million barrels of fuel in 2015, about 400,000 barrels less than in 2014.
The reduction was due to the Costan Rican Electric Company (ICE) cut by 92 percent its oil consumption; in 2014, the fuel orders were 1.2 million barrels of oil and the following year went down to 97.355 barrels.

In contrast, ICE increased renewable energies contribution to the electric grid.

Source: La Nación.