Wednesday, May 20, 2009

Sunoco Approved to Buy Fulton Ethanol Plant

Sunoco Inc. has been approved by a federal bankruptcy judge to buy Northeast Biofuels plant in Fulton, 30 miles north of Syracuse for $8.5 million after making an offer to buy Northeast Biofuels at an auction on Tuesday.

Sunoco is expected to finalize and close the deal by June 15th and this purchase gives Sunoco its first ethanol plant. The $200 million ethanol plant had design flaws that forced frequent shutdowns preventing the Northeast Biofuels plant from ever reaching full operation.

At full operation, Northeast Biofuels can make 100 million gallons per year. The plant could be back in operation as early as the end of the year.

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