CORRECTED-UPDATE 1-Novozymes sees China biofuel project

(Corrects to say the $13 billion is China's total biofuel potential investment, not its project with COFCO and Sinopec)

* Sees up to $13 bln needed to support China biofuel projects

* Chinese firms to get 75 pct of value from projects (Recasts, adds background, company comments, share price)

HONG KONG, April 20 (Reuters) - Denmark's industrial enzyme maker Novozymes A/S (NZYMb.CO), which has teamed up with China's COFCO and Sinopec to develop a solution for cellulosic ethanol, said the country would need a total of 90 billion yuan ($13.2 billion) investment in a short period to support the industry.

The move reflects growing demand from China as it shifts to produce more renewable energy.

Novozymes -- the world's biggest producer of industrial enzymes -- joined China National Cereals, China Oil & Foodstuff Corp (COFCO) and top Asian refiner China Petroleum and Chemical Corp (Sinopec) (0386.HK) (600028.SS) in February to develop an industry chain to collect agricultural waste, process it into bioethanol and distribute the clean fuel through petrol stations.

The estimated total investment could go toward building 250 factories, assuming total demand for bioethanol in China reaches a projected 37 million tons in 2020, the firm said in a statement on Saturday.

China's energy-related firms including COFCO and Sinopec could capture at least 75 percent of the potential value, since the enzyme cost would account for just 25 percent of the total cost, Mars Zhu, Novozymes' China Communications Manager, told Reuters on Monday.

Zhu said a cellulosic ethanol industry in China could come into place within five to 10 years, depending on the speed of cooperation among the companies and government regulation.