PetroSun, Inc. (PSUD.PK) Updates Investors Regarding Biofuels Operations
PetroSun announced this morning that it established a wholesale market price for algal oil. The price will closely match the crude oil market price in addition to transportation costs. The company stated that it will consider giving discounts depending on the size of orders. Soy oil’s recent market price is about $2.81, which is 64% pricier than the $1.71 a gallon that PetroSun expects to sell at if crude oil market prices are $72.00 per barrel. Algal oil doesn’t have commodity risk as crude oil, corn and soybeans do, plus it doesn't contain any sulfur, is non-toxic, and is highly biodegradable. While the current stated capacity…