Asia Pushes Ahead on Biofuel, Despite Cost
SHANGHAI - Faced with too many crops and not enough oil, Asian governments are promoting biofuels as a way to cut costly fuel imports.
Ethanol and biodiesel can be more expensive than the oil they replace but this is a price some governments are willing to bear to ensure an outlet for crop surpluses.
"Any time you have an ethanol programme, it's predominantly driven by domestic interests," said Mark Hutchinson, head of research for investment bank Mullis Capital, from Bangkok.
"It's easy to sell to voters. It helps support agricultural prices and promotes self-sufficiency goals of reducing imports."
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