TECHNOLOGY FOCUS - BIOLOGY - Preferred Components: The immobilized lipolytic enzyme (less than 25, preferably lesss than 12.5, especially less than 2.5 wt/wt.% with respect to the substrate) is selected from Thermomyces lanuginosa lipase; Candida antarctica A lipase; Candida antarctica B lipase; Candida deformans lipase; Candida lipolytica lipase; Candida parapsilosis lipase; Candida rugosa lipase; Cryptococcus spp. S-2 lipase; Rhizomucor miehei lipase; Rhizomucor delemar lipase; Burkholderia cepacia lipase; Pseudomonas camembertii lipase; Pseudomonas fluorescens lipase; Geotrichium candidum lipase; Hyphozyma sp. lipase; Klebsiella oxytoca lipase; and their variant.    TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preferred Components: The carrier is a hydrophilic carrier selected from porous in-organic particles composed of alumina, silica and silicates such as porous glass, zeolites, diatomaceous earth, bentonite, vermiculite, hydrotalcite; and porous organic particles composed of carbohydrate polymers such as agarose or cellulose.    TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The substrate is selected from babassu oil; borage oil; canola oil; coconut oil; corn oil; cotton oil; hemp oil; jatropha oil; karanj oil; mustard oil; palm oil; peanut oil; rapeseed oil; rice oil; soybean oil; and sunflower oil; oil from microalgae; animal fat; tallow; lard; butterfat; poultry; marine oils; tuna oil; hoki liver oil; fatty acid distillates; acid oils; waste oil; used oil; and/or partial glycerides. Preferred Method: The lipolytic enzyme is immobilized either on a carrier; by entrapment in natural or synthetic matrices, such as sol-gels, alginate, and carrageenan; by cross-linking methods such as in cross-linked enzyme crystals (CLEC) and cross-linked enzyme aggregates (CLEA); or by precipitation on salt crystals such as protein-coated micro-crystals (PCMC). The molar ratio of ethanol to fatty acid in the substrate (EtOH:FA) is at least 3.5; 4; 4.5; 5; 5.5; 6; 6.5; 7; 7.5; 8; 8.5; 9; 9;5 or 10 equivalents. The ethanol is added continuous or step-wise. The method is selected from process designs containing: batch, continuous stirred-tank reactor, packed-bed column, and expanded-bed reactor. EXAMPLE - A re-use of immobilized Thermomyces lanuginosa lipase in batch synthesis of fatty acid ethyl esters (FAEE) using 1-6 eq. EtOH was tested. Synthesis of fatty acid ethyl esters using soybean oil (SBO) and ethanol (EtOH) was tested in a reaction catalyzed by Thermomyces lanuginosa lipase (TLL) immobilized on silica. The reactions were performed in screw-cap conical flasks (100 ml). SBO (20 ml) and immobilized enzyme (1 g) were added to each flask. The amount of EtOH added varied from 1 to 6 molar equivalents relative to the total amount of fatty acids in the oil. EtOH was added step-wise in three equal portions. To initiate the reactions, the first portion of EtOH was added and the flasks were closed and placed in a water bath orbital shaker at 35 degrees C. The conversion to FAEE was followed by NMR analysis. Conversions to FAEE were calculated. After 24 hours all reactions were terminated by decanting the reaction mixture from the immobilized enzyme. Another reaction cycle was immediately initiated by adding new SBO and EtOH to the immobilized enzyme. The enzyme was inactivated in the presence of 1 eq. or 2 eq. EtOH, whereas in reactions with 3 to 6 eq. EtOH, enzyme activity was preserved through at least 10 cycles.