Peruvian oil company shifting to cane ethanol

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The Peruvian oil company Maple Energy , is shifting to selling ethanol, according to Bloomberg. In 2011, 99% of its revenue was from selling petroleum. Nut now it expects to get more than half its business from ethanol sales this year as its $254 million sugar-cane mill expands production.

The shift will be made because it can sell the fuel in Europe for twice what it costs to make, Bloomberg reported citing CEO Rex Canon . “This will be a transformational year for us,” he said. “We’ve been working on this for quite some time. Just right now we’re realizing the fruits of all this work.”

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