Financing
The Corporation’s operating expenditure is financed by the parties liable to pay a regular fee per unit sold or consumed, calculated on the basis of the costs incurred by CORES in exercising its functions. In compliance with Article 25.1 of R.D. 1716/2004, and as worded in R.D. 1766/2007, the unit fee due per ton or cubic meter sold or consumed has been set proportionally to the days of stock the Corporation holds on behalf of each of the liable parties.
Fees are set by the Ministry of Industry, Tourism and Trade for each calendar year, to which end, the Corporation draws up a budget and sends the corresponding proposal to the aforesaid Department.
In the case of specific distributing companies or consumers of petroleum products not reaching a level of sales or consumption of 0.5 per cent of the total sales or consumption for each product, they may satisfy a Corporation fee covering the total costs of holding the minimum stocks (including strategic reserves) CORES manages on their behalf.
Regarding the acquisition of strategic reserves, this has been financed so far mainly with external resources to markets, through bond issues and bilateral loans arranged with various financial institutions.
C/ AGASTIA 80, 28043 MADRID, ESPAÑA | E-MAIL: cores@cores.es
TLF.: +34 91 360 09 10 | FAX: +34 91 420 39 45