Oilfield service provider starts algae spin-off

By | September 01, 2006
Oilfield service provider PetroSun Drilling Inc. (PSUD) recently formed a wholly owned subsidiary called Algae Biofuels Inc. According to PetroSun, its new spin-off company will focus on the research and development of high-oil-yielding algae cultivation for processing into biodiesel. Sites in Arizona and Australia will house Algae Biofuels' R&D and production facilities. As a service provider to the oil industry, PetroSun's president L. Rayfield Wright said his company's formation of Algae Biofuels is a "forward-looking strategy," ultimately benefiting "future generations."
 
 
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