Uribe launches construction of ethanol plant

Tuesday, November 6, 2007

Colombia's President Álvaro Uribe has laid the first stone of an ethanol plant in Tuta, Boyacá department, Colombia's presidential office said in a statement.

The plant, which is slated to begin operations in mid-2009, will produce nearly 300,000l/d of ethanol from sugar beets.

Nearly US$16mn is being invested in the plant, but a total of US$270mn will go into the entire project that will see more than 10,000ha of land put into beet production.

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A second ethanol plant set for construction in Cundinamarca will produce nearly 600,000l/d starting in 2010.

The plants will receive a duty-free designation, which will require the plant operator to pay a 15% tax on profits. No taxes, however, will be charged on machinery imports or product sales, according to local press in Colombia.

The project is being developed by a strategic alliance between the Maquiltec Group and Chile's Campos Chilenos with Colombia's Sena governmental agency.