The Venezuelan state oil company (PDVSA)
recently that it would likely be producing
within the next few years. Ethanol will be the first of the two
to market, since the company has already adopted ethanol production technology and plans on selling the first of the biofuel next year. Biodiesel is scheduled for three years down the line. PDVSA director Igor Martinez said the company would be studying technology used by Petrobras, the state oil company of Brazil. How much biofuel would be needed in Venezuela or produced by PDVSA, Martinez did not say. So far this year, Venezuela has imported over 150 million liters of Petrobras ethanol.