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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Nov 14 4:00 PM EST

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To: Amark$p who wrote (671)	9/22/2005 1:57:00 PM
From: elmatador	Read Replies (1) of 217789

Chavez hedges: Venezuela Invests $900M to Produce Ethanol 09.22.2005, 01:54 AM 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, Chavez said 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. Chavez said he approved funding on Wednesday for the first year. He said the government aims to produce all the ethanol it needs so it will no longer have to import it. 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. Chavez, 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

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