LONDON and NEW YORK, Jan. 22, 2016 /PRNewswire/ -- Mexico's federal government has entered into an exclusive agreement with Platts, a leading global provider of energy and commodities information and benchmark prices, to utilize its oil and natural gas price data in the nation's pricing formulas as part of its energy reform policy.
Mexico's Ministry of Finance, Secretaría de Hacienda y Crédito Público (SHCP) and the Mexican Petroleum Fund, Fondo Mexicano del Petróleo para la Estabilización y el Desarrollo (FMP) were signatories to a contract that makes Platts oil and gas price data the basis for valuing Mexico's royalties and revenues from oil and gas activities in the country.
Andy Bose, Platts general manager of oil said: "The selection of Platts as supplier of independent price data by these two important departments responsible for Mexico's energy revenue and allocations reflects the confidence they have in the quality of our price reporting. The integrity of the methodology underpinning our assessment processes allows Platts price benchmarks to be trusted by the world's most important energy markets, which explains Mexico's decision to partner with Platts at this crucial time of developing its privatized markets."
This announcement further underpins the historic Mexican energy reforms begun in December 2013 when President Enrique Pena Nieto made the landmark decision to end the state's legal energy sector monopoly and open the nation's oil and gas exploration and extraction to private sector investment.
Mexico is the latest among a host of the world's top oil and gas producing countries across many decades to utilize Platts as the benchmark to price its energy resources.
Mexico is utilizing Platts benchmarks in its pricing formulas for crude oil sales to the U.S., Europe and Asia, including such crudes as Isthmus, Maya and Olmeca, as well as for refined product imports and import parity pricing purposes.
For more information about Platts oil and gas price assessments and price assessment methodology, visit the website www.platts.com.
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About Platts: Platts is the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to Platts' expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets and help them make better informed trading and business decisions. Founded in 1909, Platts' coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. A division of McGraw Hill Financial, Platts is headquartered in London and employs over 1,000 people in more than 15 offices worldwide. Additional information is available at http://www.platts.com.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ and SNL, S&P Dow Jones Indices, Platts, CRISIL and J.D. Power. The Company has approximately 20,000 employees in 31 countries. Additional information is available at www.mhfi.com.