Denmark's Novozymes (NZYMb.CO), the world's biggest industrial enzyme producer, was hit harder than it expected in the financial crisis, but growing biofuel demand in China and elsewhere will underpin future growth, a senior company official said. Novozymes predicts China's biofuel sector will become a key component of its business as the country looks for ways to wean itself off expensive and insecure foreign oil, Thomas Nagy, the company's executive vice-chairman, said.Novozymes has been working with the state-owned food and agriculture giant, COFCO, on a facility in southwest China's Guangxi region that will produce biofuel from cassava, but the use of agricultural residues -- known as "second-generation" biofuel -- is now regarded as the way forward.
http://www.reuters.com/article/latestCrisis/idUSPEK114938