Sunoco acquires Northeast Biofuels ethanol plant
Petroleum refiner Sunoco has acquired the former Northeast Biofuels ethanol production facility in Volney, NY, for $8.5 million (€6.1 million).
Philadelphia-based Sunoco began proceedings for the purchase of the 100 MMgy plant after Northeast Biofuels put it up for sale at a bankruptcy auction.
The ethanol plant is the largest production facility in the Northeast and Sunoco are expecting, at capacity, it will meet a quarter their total ethanol needs.
The acquisition indicates that Sunoco is willing to take steps into alternative fuels market and as a result will continue to evaluate possibility of its growth.
Philadelphia-based Sunoco began proceedings for the purchase of the 100 MMgy plant after Northeast Biofuels put it up for sale at a bankruptcy auction.
The ethanol plant is the largest production facility in the Northeast and Sunoco are expecting, at capacity, it will meet a quarter their total ethanol needs.
The acquisition indicates that Sunoco is willing to take steps into alternative fuels market and as a result will continue to evaluate possibility of its growth.
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