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Ethanol - Venezuela - Investing $900M to produce ethanol
Venezuela CARACAS,Venezuela -Myrtle Beach Online/AP -Sep. 22, 2005 :-)) Venezuela plans to invest $900 million over the next five years to plant sugar cane and build processing plants to produce ethanol, President Hugo Chavez said... Speaking Wednesday night to governors and mayors, the plan will involve cultivating about 300,000 hectares (740,000 acres) of sugar cane and building 15 plants across the country to make ethanol from it for gasoline production... The program is projected to create about 500,000 jobs in the country of 25 million people, he said... Venezuela is the world's fifth largest oil exporter, and Chavez has sought to use the country's windfall oil profits on a range of programs intended to ease poverty and support economic reforms... The President, an admirer of Cuban leader Fidel Castro, blames U.S.-style capitalism for the country's poverty and says he aims to lead the country toward a new socialist system...
posted by Unknown @ 10:20 AM
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