Corporación de Reservas
Estratégicas
de Productos Petrolíferos

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

Asset financing

The stockholding obligation to maintain strategic reserves creates the need for financing a high level of stocks. 

To date, financing for the acquisition of strategic stocks has been achieved with external resources from financial markets through bond issues, loans and credit lines established with different national and international financial institutions.

 

The legal framework reinforces CORES’ financial solvency: it is mandatory for stocks to be registered at the average acquisition price. In this way, for accounting purposes, CORES is not affected by the variations in market prices. No correction, depreciation or amortization can be made to the stocks’ historical cost.

As of December 2018, the market value of CORES’ stock was 1.4 times higher than its average purchase price.

Availability of diverse financing sources: bonds, loans, etc.
Strategic reserves account for 95.6% of Cores’ assets
Market value of Cores reserves: 1.4 times book value
Debt 2018
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