SANTA CRUZ, Bolivia – A $1.6 billion investment by 2025 will allow ethanol made from sugarcane represent 25 percent of fuels used in Bolivia, President Evo Morales said on Thursday.
The president was speaking at an event in the eastern city of Santa Cruz, where the investment agreement was signed by the national government, businessmen from this prosperous region and Bolivia’s Eastern Agricultural Chamber.
Morales said that the project’s objective was to increase the cultivation of sugarcane by 18,000 hectares (44,479 acres), to reach a total of 155,000 hectares by 2025.
The sugarcane output will be enough to produce 8.2 million liters (2.2 million gallons) of ethanol and 6.6 million liters of E85 super ethanol within a period of seven years, the president said.
Morales added that this production will allow the country to reduce its dependency on imported gasoline, as well as create an estimated 2,700 jobs and reduce CO2 emissions by 6 percent.
Hydrocarbons Minister Luis Sanchez and president of the state oil and gas company YPFB, Oscar Barriga, also attended the event.