PetroSun BioFuels, Inc., a wholly owned subsidiary of PetroSun, Inc. (Other OTC:PSUD.PK), has formed a joint venture with Optimum Biofuels, LLC of Gilbert, Arizona to construct and operate a biodiesel refinery near Coolidge, Arizona, named Coolidge Biorefinery, LLC.
The property is centrally located between Phoenix and Tucson, the two largest markets in Arizona, and the biorefinery is sited next to a rail line. Management for the refinery says has initiated the process of obtaining the authorizations required to install a private rail siding on the property.
The joint venture is currently awaiting a zoning use permit to be issued by the Pinal County Zoning Board. Engineering and building plans are underway with permitting and pre-construction operations set to begin in March 2008, according to a release.
Petrosun says the plant is engineered for an annual production rate of 30 million gallons, and could be expanded for double that capacity.
PetroSun BioFuels will provide algal oil as the feedstock for the biorefinery.
About PetroSun
PetroSun’s operations include oil and gas exploration, development and production and algae-to-algal oil alternative fuels production. The alternative fuels division has entered the commercial stage of its algae-to-biofuels production technology. The company plans to establish algae farms and algal oil extraction plants in Alabama, Arizona, Louisiana, Mexico, Brazil and Australia during 2008. The algal oil product will be marketed as feedstock to existing biodiesel refiners and planned company owned refineries. PetroSun is headquartered in Scottsdale, Arizona with field offices in Shreveport, Louisiana and Opelika, Alabama.
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