Sunoco (SUN) Buys Ethanol Plant in New York

Sunoco just announced that it has finished purchasing an ethanol plant in Volney, New York. The plant is capable of producing 100 million gallons of ethanol each year, and will meet approximately 25% of Sunoco’s expected ethanol needs. Sunoco bought the facility from Northeast Biofuels for $8.5 million. The location of the plant was an important consideration in the purchase, as it is close to most of Sunoco’s retail gasoline locations.

In a  company press release, Sunoco Chairman and Chief Executive Officer Lynn Elsenhans commented on the purchase:

“We are pleased to join the Oswego County community and look forward to playing a productive role in the region. Operating this facility, and sourcing as much corn as possible from local growers, will contribute to the region’s economy and support the creation of ‘green’ jobs.”

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