Fondo Mexicano del Petroleo para la Estabilizacion y el Desarrollo

The Fondo Mexicano del Petróleo para la Estabilización y el Desarrollo (lit.'Mexican Petroleum Fund for Stabilization and Development', FoMePE) is a state-owned sovereign wealth fund of Mexico's government created to manage the wealth from revenue stream on its oil industry. The inception of the fund was designed by the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público, SCHP) while Banco de Mexico manages the fund. The fund begun existence on 30 September 2014[1] but actual operation of the fund started on 1 January 2015 to become the newest addition in global sovereign wealth fund. The establishment of the fund forms part of the energy reform[1] in Mexico following the declining production of oil that has affected the budget of the national government. The fund is a member of the International Forum of Sovereign Wealth Funds[2] and are signed up to the 24 Santiago Principles which are a voluntary standard of best practice endorsed by the members for the management of the Sovereign Wealth Funds.[3]

The FoMoPe serves two main objectives;[4] to serve as a means of receiving and making payments on assignment of contracts for exploration and production of hydrocarbons; and to manage the Mexican state revenue from oil and other hydrocarbons.

  1. ^ a b "Sesiona por primera vez Comité Técnico del Fondo Mexicano del Petróleo". El Financiero. Retrieved 2016-10-22.
  2. ^ International Forum of Sovereign Wealth Funds. "IFSWF Our members". Archived from the original on 27 September 2016. Retrieved 24 September 2016.
  3. ^ International Forum of Sovereign Wealth Funds. "IFSWF Santiago Principles". Archived from the original on 27 September 2016. Retrieved 27 September 2016.
  4. ^ "Ejecutivo presenta proyecto para Fondo Mexicano del Petróleo" (in Spanish). El Economista. Retrieved 2016-10-22.

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