Major oil producer Venezuela to build 17 ethanol plants

In an interesting but as yet unclear development, Venezuela’s most recent Energy Strategy Meeting concluded with the announcement that the country will be investing massively in ethanol production. The OPEC member is the world’s 7th largest oil exporter, so it comes as a surprise to see Venezuela investing in biofuels.

According to Prensa Latina, state-run company Petroleos de Venezuela is creating a joint venture (not clear with who, but likely a Brazilian partner) for the production of sugarcane based ethanol. The project includes the construction of not less than 17 ethanol plants for the production of an amount of biofuel that has to have a considerable impact on the country’s reliance on refined petroleum products (which stands at 20,000 bpd).

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