Due to rapid depletion of the fossil fuel reserves and environmental concerns biodiesel has attracted a great deal of attention over the last few decades. The challenges in the chemical processing industry today are environmental concerns, energy and economical aspects. Furthermore, the impact of greenhouse gases to the earth arouse researchers to develop alternative energy for the replacement of fossil fuels [1]. Accordingly, energy security, environmental regulations, foreign exchange savings, and socio-economic issues have stimulated intensive research efforts towards developing renewable energy systems derived from biomass or biological sources.