Venezuela makes major commitment to ethanol production

09/23/2005 |

Venezuela President Hugo Chavez announced plans to invest $900 million over the next five years in ethanol production based on sugar cane, with first-year funding already approved. He said the project will plant 740,000 acres of sugar cane and construct 15 plants to turn it into ethanol for gasoline production, even though the country is the world's fifth-largest oil exporter.

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