The state run oil company in Costa Rica registered losses above $24 million during the first nine months of 2015, despite having the highest prices in the region.

In the first nine months of 2015 the Costa Rican Oil Refinery lost more than $24 million. The state run company, which has had a monopoly in refining and sale of fuels in Costa Rica for more than half a century, has payroll costs representing 56% of its total expenditure.

Even with a poor financial situation, Recope’s operational spending grew by 21% over the same period, spending $166 million of the state’s budget. The partial figures were given to Nacion.com by Sara Salazar, chief executive of Recope, and Edgar Gutierrez, the manager of Administration and Finance at the refinery.

Nacion.com reported that “… the financial deterioration is explained by a reduction in income due to the drop in international oil prices, coupled with lower domestic consumption of petroleum products such as bunker fuel. Revenues from fuel sales by Recope went down 30% in the period under review “.

“… The result, between January and September last year compared to the same period in 2014 is the most negative the public company has experienced since 2011“.

Source: Nacion.com