Mozambique Petromoc to invest in ethanol plant

17 March 2008 21:44  [Source: ICIS news]

HOUSTON (ICIS news)--Mozambique’s oil company Petromoc will invest in ethanol production in order to lower the country’s dependence on fossil-fuel imports, Mozambican daily Noticias said on Monday.

Mozambique now spends about $300m/year (€192m/year) on fuel imports, up from $75m four years ago, the daily said, blaming the increase on “volatility in foreign markets”.

Projections show that Mozambique’s fuel imports could jump to $700m/year if domestic alternatives are not found, the newspaper said.

Petromoc is expected to invest $400m to produce 220m-230m litres/year of sugarcane-based ethanol, starting in mid-2009, the daily said.

In 2007, Petromoc launched production of biodiesel in Mozambique. The company now produces 80,000 litres/day of the biofuel, according to the daily.

($1 = €0.64)

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By: William Lemos
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