The present invention relates to the production and utilization of renewable fuel for diesel engines and heating devices. The main part of the biodiesel obtained is a mixture of fatty acid methyl esters and triacetin. A more effective interesterification reaction for full conversion of vegetable oil to biofuel without synthesis of glycerol is provided. Said interesterification reaction of vegetable oil with methylacetate has been achieved in presence of tert-butoxide/tetrahydrofuran catalyst system at 55 °C during 1h by using methylacetate to oil molar ratio 24–30. The mass of biofuel obtained is at least 10 % higher than the mass of vegetable oil used for its production, but kinematic viscosity of obtained biofuel is lower than 5 mm2/s.