Cellulosic ethanol could generate profits in the U.S. by 2015 even without federal subsidies if oil prices hit $80 to $120 a barrel, Novozymes executives said. As long as prices are pegged at $30, the next-generation biofuel needs to be subsidized, said Peder Holk Nielsen, chief of the company's enzymes business. CEO Steen Riisgaard said he sees unfavorable prospects for bioethanol in Europe because of the lack of policies to support its use.

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