Introduction

Ethanol was rarely discussed in the country about 7-8 years ago. But now ethanol has
become one of the major priorities of the 21st century India. Considering the
achievements in the previous few years and acknowledging the public support,
Government has decided to advance the target of 20% ethanol blending in petrol by
5 years from 2030 to 2025. Apart from sugarcane, modern technology based ethanol
plants are being set up across the country to convert agricultural waste to ethanol.
Focus on ethanol has impacted the environment as well as life of the farmers
positively. During 2013-14, 38 crore litres of ethanol was being purchased, which has
increased more than 10 times to 408 crore Liters in ESY 21-22. In ESY 21-22
approximately `25,750 crore of ethanol was purchased, a large sum of which has
gone in the pocket of our farmers. It has especially benefitted the sugarcane farmers.
Ethanol also helps in mitigating the challenges of sales and storage associated with
over-production of foodgrains and sugar. Mitigating all such challenges is in the
interest of the farmers for which ethanol is important.

India is the second-largest populated country globally with 1.36 billion people, and
the number is increasing. The large growing population and economic development
will result in high energy demand in the country. So, it is predicted that by the year
2040, the need for energy in India will be doubled. It is needless to say that one of
the possible means to meet the energy demand sustainably in the world is through
renewable energy. In the context of India, many researchers have taken insights into
various forms of renewable energy that can be harvested for the sustainable growth
of the nation. However, the utilization of renewable energy has its limitations. For
instance, setting up a solar plant is not always suitable as it requires a vast quantity
of land having a good intensity of sunlight. Besides this, setting up a hydroelectric
plant requires massive investment and involves the modification of indigenous land
usage patterns, resettlement, and navigation restriction. The primary problem
involved with wind power generation is that there are fewer stronger wind locations
than low wind speed locations. It also requires a high investment in terms of
installation cost. As far as the geothermal power plant is concerned, the major
problem is that it depends upon the geographical condition and requires a massive
initial investment. Besides, lengthy construction and payback time and difficulty in
modularization and assessing resource are also associated with geothermal power

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plant. Currently, India can meet only 23% of its energy demand domestically, and it
depends upon the imported crude oil to meet the rest of its demand.

the demand for cleaner and greener energy sources is growing rapidly worldwide,
and India is no exception. Ethanol, a biofuel produced from various feedstocks such
as sugarcane, corn, and sorghum, is gaining popularity as an alternative to traditional
fossil fuels such as gasoline and diesel. The Indian government has also recognized
the potential of ethanol as a fuel additive and is taking several steps to promote the
establishment of Ethanol Plants in India. In this blog post, we will look closer at the
growth of the ethanol industry in India, the opportunities and challenges facing
ethanol producers, and the road ahead.

Ethanol (also called ethyl alcohol, grain alcohol, drinking alcohol, or simply alcohol) is
an organic compound with the chemical formula CH3CH2OH. It is an alcohol, with its
formula also written as C2H5OH, C2H6O or EtOH, where Et stands for ethyl. Ethanol
is a volatile, flammable, colourless liquid with a characteristic wine-like Odor and
pungent taste. It is a psychoactive recreational drug, and the active ingredient in
alcoholic drinks.

Ethanol is naturally produced by the fermentation process of sugars by yeasts or via

petrochemical processes such as ethylene hydration. Historically it was used as a
general anesthetic, and has modern medical applications as an antiseptic,
disinfectant, solvent for some medications, and antidote for methanol poisoning and
ethylene glycol poisoning. It is used as a chemical solvent and in the synthesis of
organic compounds, and as a fuel source. Ethanol also can be dehydrated to make
ethylene, an important chemical feedstock. As of 2006, world production of ethanol
was 51 gigalitres (1.3×1010 US gallons), coming mostly from Brazil and the U.S

The fermentation of sugar into ethanol is one of the

earliest biotechnologies employed by humans. Ethanol has historically been
identified variously as spirit of wine or ardent spirits, and as aqua vitae or aqua vita.
The intoxicating effects of its consumption have been known since ancient times.
Ethanol has been used by humans since prehistory as the intoxicating ingredient
of alcoholic beverages. Dried residue on 9,000-year-old pottery found in China
suggests that Neolithic people consumed alcoholic beverages.

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In 1796, German-Russian chemist Johann Tobias Lowitz obtained pure ethanol by
mixing partially purified ethanol (the alcohol-water azeotrope) with an excess of
anhydrous alkali and then distilling the mixture over low heat. French chemist
Antoine Lavoisier described ethanol as a compound of carbon, hydrogen, and
oxygen, and in 1807 Nicolas-Théodore de Saussure determined ethanol's chemical
formula. Fifty years later, Archibald Scott Couper published the structural formula of
ethanol. It was one of the first structural formulas determined.

Ethanol was first prepared synthetically in 1825 by Michael Faraday. He found that
sulfuric acid could absorb large volumes of coal gas. He gave the resulting solution to
Henry Hennell, a British chemist, who found in 1826 that it contained "sulphonic
acid" (ethyl hydrogen sulphate).In 1828, Hennell and the French chemist Georges-
Simon Serullas independently discovered that sulphovinic acid could be decomposed
into ethanol. Thus, in 1825 Faraday had unwittingly discovered that ethanol could be
produced from ethylene (a component of coal gas) by acid-catalysed hydration, a
process similar to current industrial ethanol synthesis.

Ethanol was used as lamp fuel in the U.S. as early as 1840, but a tax levied on
industrial alcohol during the Civil War made this use uneconomical. The tax was
repealed in 1906. Use as an automotive fuel date back to 1908, with the Ford Model
T able to run on petrol (gasoline) or ethanol. It fuels some spirit lamps.

Ethanol intended for industrial use is often produced from ethylene. Ethanol has
widespread use as a solvent of substances intended for human contact or
consumption, including scents, flavourings, colourings, and medicines. In chemistry,
it is both a solvent and a feedstock for the synthesis of other products. It has a long
history as a fuel for heat and light, and more recently as a fuel for internal
combustion engines.

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 OBJECTIVE OF THE STUDY

This study aims to analyse the Indian ethanol sector and formulate strategies for its
betterment so that the Indian ethanol sector’s situation can be improved, which will
eventually help India meet the ethanol blending targets. Hence, an overall
assessment of India's ethanol sector has been carried out along with proposal of
strategies for the development of the sector

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 NEED FOR THE STUDY

The intervention of the GoI has been instrumental in the development of the ethanol
sector in India till now, and the GoI is still focusing upon the Ethanol Blended Petrol
Programme (EBPP) to make it successful. In the wake of this national objective, many
studies have been conducted on various aspects of the ethanol sector in India.
Different studies have focused upon ethanol's policy implications, as well as the past
and current technologies for ethanol production in India. Studies have also been
conduct-ed to assess the prospects of ethanol production from different second-
generation biomass like sugarcane bagasse, rice straw, wheat straw, and corn stover.
But it is reported that the second-generation ethanol and third-generation ethanol
are still not commercially successful in India, which left the first-generation ethanol
as the only commercially viable option. The current target of 20% ethanol blending
set by the GoI is an ambitious one that will help the country boost its energy and
financial security by reducing the import burden of crude oil. timeframe. Moreover,
it is evident that the development of the entire ethanol sector is necessary to
support the goals of ethanol blending, as the source of ethanol production in India is
the same irrespective of the end-use of the produced ethanol. Thus, the present
situation demands policies for the holistic development of India's ethanol sector to
meet its ambitious target. For this purpose, it is very crucial to know the significant
factors associated with the development of the Indian ethanol sector, i.e., strengths
and opportunities(drivers), as well as weaknesses and threats (barriers). The
identification of such factors can only be possible after a thorough assessment of the
sector. But, such a comprehensive overview of India's ethanol sector is not
thoroughly available in the literature. This has motivated us to assess the Indian
ethanol sector to identify its weaknesses and threats (barriers), as well as strengths
and opportunities (drivers) like Iglińskietal., who presented a comprehensive
overview of wind energy in Poland, and Mateescu and Dima assessed the barriers
and challenges for the biogas sector growth in Romania

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 Overview of Best Ethanol Stocks in India

Here is a brief overview of the top ethanol shares in India as per the analyst ratings
and market capitalisation outlined above.

Dwarikesh Sugar Industries

Incorporated in the year 1993, Dwarikesh Sugar Industries Limited is a diverse
industrial company based in India. It focuses on producing sugar, ethanol, power,
sanitiser, bagasse, fertilisers, pesticides, molasses, and many other products.
Dwarikesh Sugar works with around 1.54 lakh farmers who cultivate sugarcane
across three locations spanning more than 1.17 lakh hectares. Its sugarcane
procurement amounts to approximately 382 lakh quintals. With primary
manufacturing units located in Uttar Pradesh at Bundki village, Bahadurpur village in
Dhampur Tehsil, and Faridpur Tehsil in Bareilly District, it also operates in other parts
of India such as Maharashtra, Delhi, and Rajasthan.

Triveni Engg
Triveni Engg, founded in 1932, is one of India’s largest sugar manufacturing
companies. It also operates in engineering businesses, including power transmission,
water and wastewater treatment solutions, and defence sectors. The company
manufactures white crystal sugar across 7 plants in Uttar Pradesh.
Utilising molasses from sugar production, it produces ethanol and extra-neutral
alcohol. According to the news, the company plans to divert 4.5 million tonnes of
sugar towards the ethanol program, which amounts to almost 12% of its total sugar
production. It also aims to increase its ethanol capacity from 660 kilo liters per day to
1,100 kilo liters per day.

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Balrampur Chini Mills Limited
Headquartered in West Bengal and established in 1975, Balrampur Chini Mills
Limited is an Indian company that produces and distributes sugar, alcohol, ethanol,
molasses, bagasse, and organic manure. The company operates power plants during
sugar production to fulfil its power needs and sells any excess bagasse in the market.
Its capacity for crushing sugarcane is 80,000 tonnes daily, with a distillery capacity of
1,050 kilolitres per day and a saleable co-generation capacity of 175.7 megawatts.
The company operates 24 facilities across 10 locations. Moreover, it uses composting
technology to create bio-composts under various brands like Paudh-Sakti, Jaiv-Shakti
and Devdoot.

EID-Parry (India)
EID-Parry (India) Limited is an Indian manufacturing company that produces sugars,
sanitisers, super grains and nutraceuticals. Based in Chennai, it is part of the ₹570
billion Murugappa Group. The company is renowned for establishing India's first
sugar plant in 1842. It operates 6 sugar plants and one standalone distillery across
South India, with cutting-edge facilities for sugar crushing, co-generation and
distillation.
Additionally, EID Parry leads globally in organic spirulina and microalgal products. Its
nutraceuticals business includes major international certifications and manufacturing
plants in Tamil Nadu. The company also has subsidiaries involved in refined sugar
and farm inputs.

Shree Renuka Sugars

Shree Renuka Sugars is one of the biggest ethanol producers and sugar refiners in
India. The company's green energy business includes producing ethanol for blending
into petrol and generating electricity. They are among the major contributors to the
Indian government's Ethanol Blending Program. The company runs 8 modern sugar
mills, some of which produce ethanol.
Recently, their ethanol production capacity has increased to 1,250 kilolitres per day,
aiming to increase their contribution even further. They employ innovative
techniques to produce more than their usual capacity, which enhances the country's
energy security.

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Bajaj Hindusthan Sugar
Bajaj Hindusthan Sugar Limited (BHSL) is one of the top sugar and ethanol
manufacturers in India. Based in Maharashtra, it runs 14 sugar plants in Gola
Gokaran Nath, Thana Bhawan, Budhana, Palia Kalan, Khambharkhera, and others.
These plants have a combined capacity to crush 136,000 tonnes of sugarcane per day
and distil 800 kilolitres of alcohol daily.
The company is a major ethanol producer, making 38 million litres annually, with
plans to increase production to around 218 million litres every year. Additionally,
Bajaj Hindusthan Sugar generates about 430 megawatts of power from bagasse at its
sugar mills. It also operates 5 coal-fired power plants, generating an extra 450
megawatts for the state grid.

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Factors to Consider Before Investing in Ethanol Sector
Stocks in India

While you might find ethanol stocks appealing for investment, it is in your best
interest to consider the influencing factors before making a decision. Thus, let’s now
explore some critical factors here-

Government Policies
The Indian Government may offer subsidies and tax incentives to ethanol
producers, influencing stock prices positively. Policies like the National Biofuel
Policy and the Ethanol Blending Program promote biofuel usage, encouraging
investment in ethanol companies.

Weather Conditions
Ethanol production relies on crops like corn and sugarcane, which are sensitive to
weather. Droughts, floods and other extreme weather events can reduce crop
yields, affecting ethanol production and stock prices negatively.

Crude Oil Prices

Ethanol is often used as a substitute for gasoline. When crude oil prices rise,
ethanol becomes more attractive, potentially increasing stock prices. Conversely,
falling crude oil prices can lead to decreased demand for ethanol and lower stock
prices.

Ethanol Production Capacity

The production capacity of ethanol companies is crucial. Higher production
capacity allows companies to meet demand effectively, potentially boosting stock
prices.

Exchange Rates
Ethanol producers may export their products, and fluctuations in exchange rates
can impact revenue. A weaker local currency can make exports more competitive,
increasing revenue and potentially elevating stock prices.

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Financial Performance
You should carefully analyse the ethanol company's financial performance by
examining its revenue, profit and cash flow trends over recent periods. When
evaluating ethanol stocks, prioritise companies with robust financial statements.

Supply Chain Reliability

When considering investing in the best ethanol stocks, prioritise companies that
have a consistent and reliable supply of raw materials, like sugarcane. This helps
reduce the risk of production disruptions and ensures smoother operations for
the company.

Competition
Ethanol stocks compete for sales through auctions with oil marketing companies.
Companies with better margins will have an advantage over their peers.

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 Should You Invest in Ethanol Stocks

Investing in ethanol stocks requires careful consideration. Factors like commodity

prices, government policies, and competition from alternative fuel sources
influence the ethanol sectors. While there is potential for growth in this sector,
regulatory changes, market dynamics, and technological advancements can
impact their performance.

Before investing in ethanol stocks, it is crucial to research and stay informed

about industry developments. Upon regularly reviewing your investment strategy,
you can ensure that it aligns with your financial goals and risk tolerance.

The ethanol sector in India offers promising investment opportunities amidst the
country's increasing focus on renewable energy sources and reduced reliance on
fossil fuels.

Before investing in top ethanol stocks in India, it is crucial to understand the

various factors that influence the market. Moreover, you can seek advice from a
financial expert who can help you select the best ethanol stocks for maximised
investment returns.

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 The Future Landscape of Opportunities

By 2025, at 20% blending level, ethanol demand will increase to 1016 crore litres.
Therefore, the worth of the ethanol industry will jump by over 500% from around
`9,000 crore to over `50,000 crore. Ethanol Industry is expected to grow by 500%
Ethanol distillation capacity to double to 1,500 crore litres annually. Financial
assistance scheme introduced by DFPD during 2018-2022 to increase ethanol
production capacity. • Long term offtake agreement signed to establish 431 crore
litres per annum of dedicated ethanol capacity. Estimated 165 LMT of surplus
grain to be utilized annually from 2025 to produce ethanol which would result in
estimated 42,000 crore payment to farmers.

Launch of new vehicles compatible to run on E20 fuel from 2023 and flex fuel
vehicles from 2024. This will attract new investment and create employment
opportunities.

Enhanced production of 1G ethanol from various feed-stocks will help in achieving

blending targets of ethanol with petrol apart from promoting ethanol as an
indigenous, non-polluting, environment friendly & virtually inexhaustible FUEL

Union Petroleum Minister Hardeep Singh Puri also said that by 2025, the entire
country will have special fuel stations retailing E20 petrol, drawing confidence
from the faster rollout of such fuel stations. E20 fuel is a blend of 20 percent
ethanol with petrol.

The first E20 outlet was opened on February 8 this year -- ahead of the targeted
April launch -- and as of now their number has crossed 600 and will cover the
entire country by 2025, Puri told the AGM of the industry lobby IMC Chamber
through a video message.

The minister said ethanol blending in petrol has gone up from 1.53 percent in
2013-14, to over 11.5 percent as of March 2023. In volume terms, ethanol-

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blended petrol has increased from 38 crore litres in 2013-14 to 433.6 crore litres
in 2021-22.

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An overview: Evolution of India’s ethanol
Production

Traditional Feedstocks: Until 2017-18, ethanol production in India relied mainly

on ‘C-heavy’ molasses, a by-product of sugar production. Sugar mills produced
ethanol from molasses with a sugar content of 40-45%, yielding 220–225 liters of
ethanol per tonne.

Policy Changes: In 2018-19, the Indian government introduced a differential

pricing policy to incentivize the use of alternative feedstocks for ethanol
production. Higher prices were fixed for ethanol produced from B-heavy molasses
and sugarcane juice, compensating mills for reduced sugar production.

Feedstocks Diversification: Apart from molasses and sugarcane juice, ethanol

production expanded to include rice, damaged grains, maize, jowar (sorghum),
and other millets. Ethanol yields from grains were found to be higher than from
molasses.

Year-Round Production: Leading sugar companies invested in modern distilleries

equipped to operate on multiple feedstocks throughout the year. This flexibility
allowed distilleries to switch between B-heavy molasses during the crushing
season and grains during the off-season, ensuring continuous ethanol production.

Increase in Ethanol Blending: The government’s policy and the adoption of

diverse feedstocks led to a significant boost in ethanol production and blending
with petrol. The all-India average blending of ethanol with petrol increased from
1.6% in 2013-14 to 11.75% in 2022-23.

Environmental Sustainability: Distilleries implemented modern techniques like

the multi-effect evaporator (MEE) units to treat liquid effluents (spent wash),
reducing pollution.

Promoting Green Energy: The evolution of ethanol production in India aligns with
the country’s goal of reducing reliance on fossil fuels and promoting renewable
and green energy sources

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IMPACT OF EXISTING ETHANOL PRICING MECHANISM

1. Central Government: While petrol is subject to excise duty, GST is levied on

ethanol. While GST would be in the range of Rs. 2.28/litre to Rs. 3.13 per litre of
ethanol based on an ex-mill price in the range of Rs. 45.69/litre to Rs. 62.65/litre,
excise duty on petrol is Rs. 32.98/litre. Considering total national ethanol blending
volumes of 332 crore litre, revenue loss to the central government due to
replacement of petrol by ethanol amounts to Rs. 10,950 crore per annum.

2. Oil PSUs: OMCs pass on to the consumers any change in the price of fuel due
to blending of ethanol and are therefore not impacted by the pricing of ethanol.
At present, excise duty on landed cost of petrol at oil depots is higher than GST on
the landed cost of ethanol and the benefit is being passed on to the retail
consumers. However, in the future, should the price of ethanol increase beyond
that of petrol, consumers may have to pay more for ethanol blended fuel. In such
a scenario, tax (GST) breaks on Ethanol may become necessary.

3. Environmental Cost: Sugarcane is a water intensive crop. On an average, one

tonne of sugarcane can produce 100 kg of sugar, and 70 litres of ethanol
Cultivation of each kg of sugar requires 1600 to 2000 litres of water. Hence, one
litre of ethanol from sugar requires about 2860 litres of water11. It is estimated
that sugarcane and paddy combined use 70% of irrigation water of the country12.
Keeping in view the need for water conservation, it is advisable to shift some of
the area under sugarcane to less water intensive crops by providing suitable
incentives to farmers. The Task Force on sugarcane and sugar Industry constituted
under the Chairmanship of Professor Ramesh Chand, Member (Agriculture), NITI
Aayog has suggested ways to minimize water consumption through various
means to encourage farm diversification

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4. Ethanol production from non-sugar sources: Share of production of ethanol
from nonsugar sources like damaged food grains and FCI rice is relatively small.
The net returns from sugarcane are much higher than those from food crops; for
example, in Karnataka it was about Rs. 1,13,590 per hectare as compared to Rs.
33,877 per hectare from paddy and 22,931 per hectare from maize during FY
2018-1913. The situation is similar in other states also. A high price of sugarcane
leads to a higher price of sugar and its by-products like molasses, ethanol.

5. Environmental impact of choice of feedstock: In the interest of environmental

sustainability, making ethanol available on a pan-India basis and sharing the
benefits of EBP widely, measures to promote production from non-sugarcane
sources, food grains, especially maize14 and second generation sources may be
promoted through suitable pricing mechanisms.

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evaluation of ethanolpolicy

In March 2019, GOI launched the Pradhan Mantri Ji-Van Yojana to provide financial support to set up
integrated bio-ethanol plants. Interest subsidy was announced on loans for ethanol projects from
sugarcane, molasses, and grains, and a long-term procurement policy for ethanol was also unveiled
to help producers plan investment decisions. A mechanism to fix ethanol prices—based on the cost
of raw materials—was also announced. In 2020, use of surplus rice with FCI was allowed to be used
as a raw material for ethanol production. Broadly, there are two types of ethanol: denatured ethanol
and un-denatured. Denatured ethanol has denaturant added to it, rendering it unfit for human
consumption. It is used as fuel, or as inputs for medical and industrial purposes to produce
sanitizers, etc. Undenatured ethanol is mainly used as a concentrate for alcoholic beverages.
Between the financial years 2015-16 and 2021-22, India was a net importer of denatured ethanol
(DGCIS). In FY 2021-22, the country imported 0.49 billion litres of denatured ethanol valued at USD
344 million. Imports increased from 2016-17 and peaked at 0.59 billion litres in 2020-21, official
statistics show. India’s denatured ethanol imports are mainly sourced from the USA and Brazil. The
import of ethanol for fuel blending has been restricted since 2019 (DGFT 2019). However, in her
Union Budget speech for the year 2023-24, Finance Minister Nirmala Sitharaman proposed to
exempt basic customs duties on imported denatured ethanol (PIB 2023). This measure is likely to
improve the availability of denatured ethanol for industrial use by chemical and other industries,
releasing greater amounts to meet the ethanol-blending mandates

https://arcusresearch.in/wp-content/uploads/2023/05/Ethanol-blending-of-petrol-in-India-APR-.pß
PROCESS

Process of Producing Ethanol: As main and by-product

As our objective is to predict future supplies of sugarcane and assess its sufficiency for

meeting the ethanol fuel-blending targets, this section—providing brief details of the

physical process of ethanol production—becomes critical on two counts: First, it outlines

the method that Indian mills and distilleries use to produce sugar and other products.

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Second, it lists the assumptions that we have made for making the predictions.

Process of making ethanol: It is critical to understand that ethanol can be produced both

from molasses (A, B and C-Heavy) and as a fresh product made directly from sugarcane

juice. A higher value of sucrose in the feedstock enables higher efficiency in ethanol

production. For example, if ethanol is produced directly from sugarcane juice, a mill can get

about 62 to 70 litres of ethanol per tonne of sugarcane. However, if ethanol is produced as a

by-product—when mills extract other ingredients including sugar—every tonne of sugarcane

is likely to give anywhere between 18 to 20 litres of ethanol. We explain this below.

1. Extraction of juice/sucrose from sugarcane: Depending upon the recovery rate of

sugarcane ( defined as the rate of sucrose that every tonne of cane yields), a mill extracts

juice. Based on the difference in milling efficiency and the amount of sucrose content

(total recoverable sugar) in sugarcane, the recovery rate across the county is found to be

anywhere between 10.75 to 11.04 percent (based on ISMA data and discussions with

distilleries). The recovery rates differ across Indian states. For major sugarcane producing

states such as UP, MH and KA, the recovery rates are found to be 11.43 percent, 11.21

percent, and 10.92 percent respectively (ISMA 2020-21).

2. Ethanol produced directly from sugarcane juice: Raw sugarcane juice can be

directly diverted for ethanol production. This process yields no sugar in the process.

Accounting for differences in milling/distillation efficiency, sugarcane juice from 1

tonne of sugarcane yields anywhere between 62 to 70 litres of ethanol.

3. Ethanol as by-product of sugar production: In this method, raw juice is processed

to produce sugar. This process produces A, B and C-Heavy molasses. This molasses

can be used to produce ethanol. Both sugar and ethanol can be produced by using

A, B, and C-Heavy molasses routes, with different per tonne sugarcane to sugar and

ethanol conversion rates (Mohan, Swain and Paroha 2017). Based on discussions wisugarcane-based
ethanol distilleries and data from ISMA, the recovery rate of sugar from sugarcane is found to be
between 10.75 to 11.04 percent, meaning that one tonne of sugarcane yields anywhere between
107.5 to 110.4 kilograms of sugar.

As stated earlier, with amendments to NPB 2018, more distilleries are focusing on B-heavy molasses
route for sugar and ethanol production. Based on discussion with distilleries in the two high ethanol
producing states of UP and MH, the following conversion rates for ethanol from one tonne of
sugarcane during the process of making sugar are observed: i. High efficiency conversion rates: In
efficient distilleries, one tonne of sugarcane yields 20 litres of ethanol. ii. Low efficiency conversion
rates: One tonne of sugarcane yields 18 litres of ethanol.

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