Italy will invest $450 million in the construction of a bioethanol manufacturing plant in the northern port and free trade zone of Amirabad in Mazandaran Province, the director of Amirabad Special Economic Zone said.
“We have signed a memorandum of understanding and we will sign a contract in the near future,” Ali Khedmatgozar was also quoted as saying by IRNA. Bioethanol is derived from crops such as wheat and corn, using sugar fermentation process. The fuel can be used as an alternative for gasoline. It can also be mixed with gasoline to any percentage.