Ukraine said Monday it plans to increase its annual bioethanol output by six fold over the next two years to 360,000 tons, as part of the effort to reduce reliance on imported oil, according to Xinhua.

"We plan to turn 29 distilleries into bio-refineries, which will produce about 360,000 tons of bioethanol annually," Agriculture Minister Mykola Prysyazhnyuk said in a statement, adding that Kiev is also mulling over a viable way to produce the substance from sugar beets and corn.

Prysyazhnyuk said increased bioethanol production could reduce the country's dependence on imported oil products.

Starting next year, it would be mandatory for Ukrainian oil firms to blend 5 percent of bioethanol in gasoline to reduce CO2 emissions.