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MADRID/HAMBURG (Reuters) - Cheaper, local ingredients make bioethanol more profitable, and sustainable, than far more widely produced biodiesel in Europe, even though it adds to a surplus of conventional gasoline while diesel remains more in demand.

"From this perspective biodiesel is complementary to the oil refinery industry in Europe whereas each tonne of bioethanol would increase the surplus of gasoline," said Klaus Henschel, chief executive of Swiss-German biodiesel maker Biopetrol.

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