Oil companies shop for discounted ethanol plants

FULTON, N.Y.

Sunoco made its initial bid just weeks after Valero Energy Corp., the nation’s largest independent oil refiner, became an ethanol plant owner the same way.

“You are going to see this become a trend … especially with the government wanting to go green,” said Daniel Flynn, who follows the renewable fuels industry for Chicago-based Alaron Trading. “There are a lot of these ethanol plants hanging by a hair. This could be the perfect time for the big companies to step in.”

AP