Microalgae Dunaliella tertiolecta were studied for production of bio-oil through a sub- and supercritical water liquefaction process. The effects of liquefaction temperature, holding time, and feedstock ratio on the yields of the products were investigated. The maximum bio-oil yield is about 36.9%, obtained at a reaction temperature of 360 °C and a holding time of 30 min, with a feedstock ratio of materials to water of 1 : 10. The various physical and chemical characteristics of bio-oil obtained under the most suitable conditions were determined, and detailed chemical compositional analysis of bio-oil was performed using an elemental analyzer, Fourier transform infrared spectroscopy, and gas chromatography–mass spectrometry. The empirical formula of bio-oil with a heating value of 26.62 MJ kg−1 was established as CH1.38O0.43N0.07, and bio-oil was composed of hexadecanoic acid, palmitamide, and fatty acid methyl ester. Overall, the bio-oil obtained from microalgae Dunaliella tertiolecta were presented as a potentially valuable and environmentally friendly feedstock candidate for biofuels and chemicals.
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