In line with Art. 3 of Law 28054 “to promote the production of biofuels in the jungle within a Sustainable Alternative Program” the agreement dated October 23rd 2012 was drafted by PETROPERU (Peru´s National Oil Company) and signed by DEVIDA (Government´s Antidrug Agency), INIA (National Ag Research Institute), CIAM (Amazon Basin Regional Governments Council) and PROINVERSION (Government´s Private Investment Promotion Agency).
- DEVIDA: Would certify eligibility of biofuels ag projects and their output.
- INIA: Would carry/oversee research/tests to certify costs and yields (actual/expected).
- CIAM: Would provide access (under concession) to the land required by the projects approved by DEVIDA and INIA.
- PROINVERSION: Would promote vetted projects among potential investors.
- PETROPERU: Would be the off taker of DEVIDA certified biofuels production.
Agreement became dormant upon change in PETROPERU´s Board on Dec 2012. Automatic Renewal clause extended validity thru Oct 2022.