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Bolivia's state hydrocarbons company YPFB and sugarcane mills in Santa Cruz department have inked an agreement to promote ethanol promotion program Bolivia en la Era de los Biocombustibles.
The initiative will open the door to US$1.6bn in private investment, which will double sugarcane plantations and lead to the construction of modern plants, President Evo Morales said at the signing ceremony, state news agency ABI reported.
Morales added that the objective is to produce 80Ml of the biofuel this year and 380Ml in 2025.
YPFB head Oscar Barriga said the country will save 400mn bolivianos (US$58mn) in 2018 by not having to import 80Ml of gasoline, and that YPFB will invest over US$5mn to adapt its facilities for the ethanol
For his part, hydrocarbons minister Luis Alberto Sánchez said that the idea is to expand production to sugarcane mills in San Buenaventura and Bermejo in respective departments La Paz and Tarija.