China emerges as ethanol exporter amid high oil prices

China is unexpectedly emerging as a major exporter of ethanol as record-high crude oil prices and a U.S. deficit in the biofuel have pushed up its international price, triggering an investment boom.

Industry officials said China’s 2006 exports of ethanol, or ethyl alcohol made largely from corn or cassava, were set to exceed 500,000 tons (625 million liters or about 11,000 barrels per day).