The strategic actions of the company focus on four main areas:  importation or international trade, production or refinery, sales and distribution, and administrative and financial works.

International Trade

During 2007, 136 loads brought to the country a total of 18.3 million barrels, which accounted for an oil invoice of   US$ 1.444.061, with an average CIF cost of US$ 78,61 per barrel, US$ 6,8 higher than the price paid in 2006 (US$ 71.80). The increase was caused by the rise of prices during this period.

Of the 18.3 million barrels imported, 70.5% was finished product and 29.5% crude to process in the refinery.   There was a 5.20% increase in the total volume imported compared to the previous year, that amounted for 17.394.716 barrels.

A total of 46 contracts were completed in the following areas: 5 of light crude, asphalt, 4, 5 of liquefied petroleum gas (LPG), 21 clean product, 10 charter contracts and one inspection. The contractual process was as follows, 5.9% were processed through direct recruitment, 52.4% through international competition and 41.7% was carried out with state-owned enterprises.

With regard to the country of origin of imports, Venezuela stands out with a 39.5%, followed by Aruba with 18.3%, 17.7% with the Caribbean, Europe with 13.9% (main supplier of gasoline); United States with 8.3% and 2.3% comes from other countries.

Mesa 30 from Venezuela was the main crude imported followed by a small volume of Belize Light crude from Belize and South Blend crude from Colombia. In addition, 15,788 barrels of ethanol were imported, with an average price of $ 2.21 per barrel, to continue with the mixture of ethanol and regular gasoline in Barranca.

Oil Market 

In 2007, the upward trend in international oil prices made the headlines, especially in the last quarter when it got close to U.S. $ 100 per barrel.

Causes of the rising trend in oil prices

In the first half, there were two main problems that affected the price of oil on the international market: the strike in Nigeria that affected the production of crude -- thus prices, and the high consumption of gasoline in the United States during the Summer time that contrasted with the low level of inventories in that country.