TECHNOLOGY FOCUS - BIOTECHNOLOGY - Preferred Method: The method comprises: a first step of culturing the yeast under conditions suitable for promoting production of vegetative Pulcherrima cells; a second step of culturing the yeast under conditions suitable for inhibiting sporulation; obtaining oleaginous biomass from the culture medium; and at least one step of further chemical upgrading, where the chemical upgrading is to produce a fuel, fuel substitute, base for cosmetics, plastic or animal feed. The method further comprises: dewatering the oleaginous biomass, where the step of dewatering the oleaginous biomass comprises a self-flocculation step and a precipitation step; and extracting lipid from the oleaginous biomass by solvent or microwave extraction, where the step of extracting lipid from the oleaginous biomass is performed for 3-15 days. The first step comprises: providing the yeast with at least one nitrogen and/or sulfur source, and at least one carbon source, where the nitrogen and/or sulfur source is provided in the culture medium in a limiting concentration to induce starvation of the yeast; maintaining a temperature of 10-28 degrees C, preferably 20-25 degrees C, and the pH at 4-6; and providing the yeast with biotin. The second step comprises lowering the temperature by adjusting the temperature to below 20 degrees C; and adjusting the pH to 2-4. Preferred Components: The nitrogen source is provided at the limiting concentration of 0.15-1.4 g/l. The sulfur source is provided in a limiting concentration of less than or equal to 0.04 g/l. The amount of available carbon is greater than or equal to 12g/l. The yeast is one of Metschnikowia pulcherrima, Metschnikowia fructicola, Metschnikowia reukaufi, Candida albicans, Chlamydozyma zygote, Metschnikowia vanudenii, Metschnikowia lachancei, Hansenula saturnus and Debaryomyces dekkeri. The oleaginous biomass comprises lipid at 40% of total dry weight. The lipid comprises sterols, triglycerides and/or free fatty acids. The triglycerides comprise palmitic acid, palmitoleic acid, stearic acid, oleic acid and/or linoleic acid. The carbon source is one of glycerol, lignocellulose, sugar, waste water, waste foods, agricultural waste or energy crops. The carbon source comprises glucose, or glycerol added to the culture medium at 3-5 wt.%. The nitrogen source comprises ammonium salts. The culture medium comprises nutrients comprising manganese, zinc, sodium potassium, calcium, magnesium or iron. The oleaginous biomass further comprises co-products. The co-products comprise pulcherrimin pigment, pulcherriminic acid, animal feed, ethyl caprylate, acetoin, isoamyl alcohol, 2,3 butanediol, acetic acid, acetaldehyde, n-propanol, L 2-methyl-1-propanol, 2,3- butanediol, 2-phenylethanol, geranyl acetate, geranyl alcohol, ethyl acetate, ethyl hexanoate and/or ethyl decanote. The oil has a dynamic viscosity of 0.58 Pas measured at 40 degrees C, and an energy density of 27.33 MJ/kg. The oil is a bio-oil. The yeast culture comprises Pulcherrimacells at greater than 40 wt/vol.%. EXAMPLE - No suitable example given.