Sunoco completes purchase of Northeast Biofuels plant
June 3, 2009
BY Kris Bevill
Report posted June 16, 2009, at 9:14 a.m. CST
Philadelphia-based petroleum refiner and marketer Sunoco Inc.has completed the $8.5 million purchase of the former Northeast Biofuels LP ethanol production facility in Volney, N.Y. Sunoco began purchase proceedings of the 100 MMgy plant through a bankruptcy auction in May.
The newly-acquired ethanol plant, the largest production facility in the Northeast, is expected to meet one-quarter of Sunoco's total ethanol needs when running at full capacity, according to the company. For that reason, the purchase of the facility was a strategic move in that most of Sunoco's retail gasoline network is also located in the Northeast. The company said it views this purchase as a "first step" into alternative fuels and that it will continue to evaluate possible growth in that industry.
Philadelphia-based petroleum refiner and marketer Sunoco Inc.has completed the $8.5 million purchase of the former Northeast Biofuels LP ethanol production facility in Volney, N.Y. Sunoco began purchase proceedings of the 100 MMgy plant through a bankruptcy auction in May.
The newly-acquired ethanol plant, the largest production facility in the Northeast, is expected to meet one-quarter of Sunoco's total ethanol needs when running at full capacity, according to the company. For that reason, the purchase of the facility was a strategic move in that most of Sunoco's retail gasoline network is also located in the Northeast. The company said it views this purchase as a "first step" into alternative fuels and that it will continue to evaluate possible growth in that industry.
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