Corporación de Reservas
Estratégicas
de Productos Petrolíferos

Public Law Corporation
under the aegis of the
Ministry for the
Ecological Transition

Finance

CORES is a non-profit public law corporation, an independent legal entity governed by private law. Due to its legal status, it has no share capital.

CORES’ income consists basically of the fees paid by its members and the rest of the entities obliged to maintain minimum security stocks. They pay monthly or annual fees based on their sales or consumption. These contributions are made in accordance with the fees applicable to each product, which are calculated based on the projected costs for CORES’ activity for the year, approved by a Ministerial Order of the Ministry for the Ecological Transition.

Asset financing is achieved mainly with outside resources both financial entities and markets, through bond issues.

CORES is financed exclusively through private sources
Currently, CORES has contracts with two international rating agencies