Bernardo Gradin, CEO of Brazil's GranBio Investimentos, said his company prefers to sell abroad the cellulosic ethanol it plans to start producing in 2014 because Brazil still lacks policies that encourage use of cellulosic biofuels. "There are new rules for ethanol in the United States, and Europe has launched a guaranteed demand for cellulosic ethanol. Brazil has no such program. ... It makes more sense commercially for us to export," he said. The company is on track to open its first cellulosic ethanol plant within the first four months of next year, he said.