TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Components: The FAME is prepared from mats consisting of lipid-bearing Microspora sp. or Cladophora sp. (ATCC Accession Number PTA 12199) as the dominant strains and from the thick layer of marine microalgae cultivated in solar salt pan comprises thermo-tolerant Chlorella variabilis (ATCC Accession Number PTA 12198). The lipid is extracted from marine microalgal mat comprising Microspora sp. through extraction with hexane, and the lipid has composition (as analyzed by gas chromatography-mass spectrometry (GC-MS)) comprising 0.6% of 14:0 fatty acid, 9.4% of 16:0 fatty acid, 0.7% of 16:1 fatty acid, 3.7% of 18:0 fatty acid, 33.2% of 18:1 fatty acid, 50.4% of 18:2 fatty acid, 0.7% of 20:0 fatty acid and 1.3% of 22:0 fatty acid. The lipid is extracted from marine microalgae Chlorella variabilis (ATCC Accession Number PTA 12198), through extraction with hexane, and the lipid has composition (as analyzed by GC-MS) comprising 0.4% of 14:0 fatty acid, 12.1% of 16:0 fatty acid, 1% of 16:1, 1% of 16:2 fatty acid, 4.2% of 18:0 fatty acid, 29.4% of 18:1, 45.7% of 18:2 fatty acid, 4.8% of 18:3 fatty acid and 1.4% of 22:0 fatty acid. The lipid is extracted from marine microalgal mat comprising Cladophora sp. (ATCC Accession Number PTA 12199) through extraction with hexane, and the lipid has composition (as analyzed by GC-MS) comprising 0.9% of 14:0 fatty acid, 0.4% of 15:0 fatty acid, 21.5% of 16:0 fatty acid, 1% of 16:1 fatty acid, 2.9% of 18:0 fatty acid, 21.2% of 18:1 fatty acid, 22.3% of 18:2 fatty acid, 0.5% of 20:0 fatty acid, 16.3% of 20:1 fatty acid, 0.4% of 22:0 fatty acid, 11.4% of 22:1 fatty acid, 0.7% of 24:0 fatty acid and 0.6% of 24:1 fatty acid. The FAME is a clear yellow liquid having 0.872 gm/ml density, 4.5 cSt (at 40 degrees C) viscosity, 0.1014% total glycerol and 0.0086% free glycerol and calorific value of 9879 kcal/kg as measured by standard calorimetric test. The FAME is a clear mustard yellow liquid having: density, at 25 degrees C and 40 degrees C of 0.8704 and 0.8591 g/cm3, respectively; viscosity at 40 degrees C if 4.8 cST; total glycerin of 0.15%; free glycerin of 0.02%; C(F)PP, moisture content of 0.029%; -5 degrees C; phosphorus of 5.1 ppm; oxidation stability of 0.43 years (25 degrees C) and 0.12 year (40 degrees C); and calorific value as measured by Standard calorimetric test of 9843 kcal/kg. In the FAME: growth rate and lipid yield of Chlorella variabilis is influenced by addition of 3-6 kg of sodium bicarbonate, 1-2 kg of sodium nitrate, and 0.01-0.02 kg of ferrous sulfate per 1000 L of the seawater culture medium; crude glycerol from by-product streams of the FAME process is optionally added to enhance biomass productivity by 50-200%; solar reflectors enhance the growth rate and lipid productivity of Chlorella variabilis during off summer period in open cultivation; residual biomass after solvent extraction of lipid is utilized in production of biofertilizer, aqua feed, source of carotenoids, and source of energy; and co-product streams of crude glycerol is utilized for algal productivity through mixotrophic growth and/or for production of biodegradable biopolymer. The FAME obtained from Microspora sp. has composition (as analyzed by GC-MS) comprising 9.92% of 16:0 fatty acid, 2.44% of 18:0 fatty acid, 28.27% of 18:1 fatty acid, 59.37% of 18:2 fatty acid and 5-30 ppm of butylated hydroxytolune (BHT) antioxidant. The FAME obtained from Chlorella variabilis has composition (as analyzed by GC-MS) comprising 6.9% of 16:0 fatty acid, 3.1% of 18:0 fatty acid; 32.6% of 18:1 fatty acid and 57.3% of 18:2 fatty acid, and 5-30 ppm of BHT antioxidant. Preferred Process: The lipid fraction obtained from Microspora sp. is refined and trans-esterified to obtain FAME having composition as analyzed by (GC-MS) comprising 9.92% of 16:0 fatty acid, 2.44% of 18:0 fatty acid, 28.27% of 18:1 fatty acid, 59.37% of 18:2 fatty acid and 5-30 ppm of BHT antioxidant. The lipid fraction obtained from Chlorella variabilis (ATCC Accession Number PTA 12198) is refined and trans-esterified to obtain FAME having composition (as analyzed by GC-MS) comprising 6.9% of 16:0 fatty acid, 3.1% of 18:0 fatty acid, 32.6% of 18:1 fatty acid and 57.3% of 18:2 fatty acid, and 5-30 ppm of BHT antioxidant. The marine microalgal mat dominant in Microspora sp. is harvested during July-December from 70 degrees 54.9591 E, 20 degrees 42.391 N. The Chlorella variabilis (ATCC Accession Number PTA 12198) is cultivated in salt pans located at 72 degrees 07.316' E 21 degrees 47.4888'N; elevation, 28 feet, under autotrophic conditions during January-June. The growth rate of Chlorella variabilis (ATCC Accession Number PTA 12198) in solar salt pans is 11.67-45.56 g/m2/day. The lipid yield with hexane extraction for mats of Microspora sp. is 5.22-16.32%. The lipid yield with hexane extraction for the cultivated Chlorella variabilis (ATCC Accession Number PTA 12198) is 11.11-11.21 %. EXAMPLE - Green colored floating mats of microalgae mats were collected and observed under the microscope for taxonomic identification. The mats revealed a consortium of microalgae which were dominated by the Chlorophyceae family (where the one collected from 70 54.959' E, 20 42.391 N had Microspora as the dominant form, and the one collected from 68-59. 876', 22D23.975' was dominated by Cladophora). Isolation of associated species of the consortium was carried out by using serial dilution method. The algal mat was washed with distilled water to remove the adhering dirt and impurities and was further subjected to centrifugation. The supernatant was collected and inoculated in 24 well tissue culture plates with different culture media (Blue Green medium 11, Bold's Basal medium (BBM), Zarrouk's medium and ASN-III medium). The serial dilution was carried out using 1:10 dilution. The tissue culture plates were kept in artificial light in 12 hours light and dark cycle at 25 degrees C. After visible growth, the enriched culture was streaked on solid 1% agarose plates. The Petri plates were incubated under artificial light in 12 hours light and dark cycle at 25 degrees C. The isolated culture was inoculated aseptically in liquid medium and kept in artificial light in 12 hours light and dark cycle at 25 degrees C. The mats from the above two locations were lyophilized and sent to ATCC for viability testing prior to allotment of accession numbers.