Quantitative esterification of polyethylene glycol (PEG) 400 using oleic acid and Lipozyme was achieved in hexane. The effects of temperature, nature of acyl donor, substrate ratio, enzyme quantity and reaction time upon PEG esterification were examined. Nearly selective production of either PEG monooleate or PEG dioleate was achieved. Lipozyme was still 80% active after five reaction cycles.