| Mexico's sovereign oil fund, created as part of the country's energy reforms, has begun to operate, according to the central bank. The oil fund for stabilization and development will receive, manage and distribute the revenues from the hydrocarbons sector, transferring funds to the government. Surplus funds will be channeled into a long-term savings plan for future generations, the central bank said in a statement.
The oil fund will finance oil and gas E&P, as well as infrastructure, pensions and research and development projects, bank governor Agustín Carstens told legislators in June. In testimony before treasury and energy committee lawmakers debating the reform's secondary legislation, Carstens said such funds have proven successful in at least 26 other countries.............................................Full Article: Source
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