TECHNOLOGY FOCUS - BIOLOGY - Preferred Components: The biocatalysts show a high acyl transferase activity in the presence of water and no or very low activity for the hydrolyzation of ester bonds. The biocatalysts are selected from Candida, Kluyveromyces, Geotrichum, Fusarium, Aeromonas, Debaryomyces, Arxula, Zygoascus, Emercilla, Aspergillus, Malassezia, Gibberella, Kurzmanomyces, Ustillago, Nocardia, Cordyceps, Mycobacterium, Rhodococcus, Saccharopolyspora, Burkholderia, Corynebacterium, Saccharopolyspora, Pseudomonas, Streptomyces and Pichia. The transesterification biocatalysts are selected from Aeromonas, aerophila, Arxula adeninivorans, Aspergillus fumigatus, Aspergillus niger, Burkholderia cenocepacia, Candida albicans, Candida antarctica, Trychosporon oryzae, Pseudozyma antarctica, Candida cylindracea, Candida glabrata, Candida maltosa, Candida parapsilosis, Candida rugosa, Candida tropicalis, Candida viswanathii, Chromobacterium viscosum, Cordyceps bassania, Corynebacterium diphtheriae, Debaryomyces hansenii, Emercilla nidulans, Fusarium oxysporum, Fusarium solani, Fusarium sporotrichioides, Geotrichum candidum, Gibberella zeae, Issatchenkia orientalis, Candida krusei, Kluyveromyces marxianus, C. kefyr, C. pseudotropicalis, Kurzmanomyces sp., Malassezia pachydermatis, Mucor javanicus, Mycobacterium tuberculosis, Mycobacterium bovis, Mycobacterium avium, Nocardia farcinica, Penicilium camenberti, Pichia guilliermondii, Candida guilliermondii, Porcine pancreas, Pseudomonas fluorescens, Rhizomucor miehei, Rhizopus javanicus, Rhizopus oryzae, Rhodococcus sp., Saccharopolyspora spinosa, Saccharopolyspora pogona, Streptomyces coelicolor, Thermomyces lanugenosus, Ustillago maydis and/or Zygoascus hellenicus. The transesterification enzymes are either free enzymes or enzymes immobilized on carriers. The enzymes are used in an amount of 0.001-5 wt.%, which is calculated on the total amount of triglycerides and/or fatty acid esters. The enzymes show a high esterification activity are added to the transesterification process to convert free fatty acids, which is formed from hydrolysis into the desired lower alkyl esters.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Process: In the process, the fermentation takes place in the presence of yeasts or a bacteria (where the yeast has a food grade quality). The fermentation is conducted at 20-80degrees C. The concentration of the aqueous lower alcohol from fermentation in the second reactor is adjusted to 2-20 wt.%, which is always higher than the critical concentration limit where hydrolysis starts as a side reaction. The transesterification is conducted at 10-80degrees C. The aqueous phase is separated from the organic phase. The glycerol or higher alcohols from the aqueous phase are re-obtained either by distillation or membrane separation. The glycerol obtained from the aqueous phase is used as a feed for growing the yeasts or bacteria used in the fermentation step. Preferred Components: The aliphatic alcohol is ethanol. The source of carbohydrates comprises a sugar or a starch, inulin, cellulose or lignocellulose. The fermentation broth comprises aliphatic Ci-C6 alcohol (5-30 wt.%) and water (70-95 wt.%). The triglycerides are selected from palm oil, palm kernel oil, coconut oil, olive oil, rape seed oil, sunflower oil, saffior oil, soy oil, line seed oil, fish oil, beef and/or pork tallow. The triglycerides show an acid value of 0-10. SPECIFIC COMPOUNDS - Preparation of rapeseed oil ethyl ester is disclosed as the fatty acid lower alkyl ester (I).    EXAMPLE - Fermentation was performed as described in Alfenore et al. (Appl. Microbiol. Biotechnol. 63:537-542, 2004) in a fermentor (20 l) at 30degrees C, with ammonia (14 vol./vol.%). The fermentation was performed with an exponential feeding of biotin based on the growth profile. The fermentor was supplied with a sterile glucose feed (700 g/l) using a peristaltic pump. Fermentation was started with a glucose (100 g) and inoculated with Saccharomyces cerevisiae (1 g/l) previously grown on the same medium. Whenever residual glucose concentration was lower than 20 g, glucose feeding was carried out to restore a glucose concentration of 100 g or 50 g, respectively when ethanol concentration was lower or higher than 90 g. When ethanol concentration in the fermentor reached 110 g/l, the enzyme bioreactor was continuously fed with the fermentation liquid phase, whereas cells were recycled into the fermentor. The aqueous phase from the enzyme bioreactor, containing remaining ethanol (100 g/l) and glycerol from transesterification was also continuously recycled into the fermentor. The enzyme bioreactor had no specific pH or temperature control and worked in the conditions set by the fermentor. The bioreactor contained immobilized lipase/acyltranferase (350 g) from C. parapsilosis per liter of fermentation broth to obtain an ethanol (110 g/l). The ethanol produced was converted into ethyl ester by enzymatic transesterification of rapeseed oil. After 15 hours of transesterification, the fermentor 110 g/L ethanol (110 g/l) and glycerol (100 g/l) in the supernatant. At this time, total amount of ester produced by transesterification was 1 kg/l fermentation broth. The main production step was then terminated by stopping the glucose feed and the enzyme bioreactor was switched to another fermentor in production. After glucose depletion by fermentation, the yeast in the original fermentor started oxidizing ethanol, glycerol and free fatty acids to obtain a fodder yeast biomass (140 g/l) after complete oxidation of substrates. The whole process was converted for fermentation medium (1 l), glucose (550 g) and rape-seed oil (1000 g) into rapeseed oil ethyl ester (1000 g) and yeast biomass (140 g).