Mexico's congress has approved a new formula to calculate the projected crude oil basket price for the government's annual federal budget from 2007, newspaper El Universal reported, citing a finance ministry document.
The finance ministry will estimate the average crude basket price for the federal budget considering the average historical price and the perspectives for the commodities futures markets, the paper reported.
Lawmakers also approved new rules to administer the financial surplus from crude oil sales obtained from 2007 onwards.
The new rules will help establish the average estimated crude oil basket price under technical criteria and not political ones.
The new formula is intended to avoid the use of hydrocarbons revenues for bureaucratic expenses but in a first stage, the surplus crude revenues will be used to pay the financial cost of the federal debt as well as taxes and contributions to fund natural disaster relief operations and pay for fuel imports.
In the second stage, crude oil revenues will be used for general infrastructure projects at a federal and state level as well as for Pemex investment projects and to finance retirement pensions, the paper reported.
The crude oil revenues investment schedule was not disclosed.