Microalgae biodiesel production is highly dependent on lipid content which has to be extracted from algal biomass. The lipids obtained from microalgae are chemically similar to common vegetable oils and they are considered potential feedstocks for the production of biodiesel [17] and [18]. Triglycerides which are one of the major constituents of total lipids present in the microalgae can easily be converted to biodiesel [19] and [20]. Biodiesel is defined as the monoalkyl esters of fatty acids prepared by transesterification of acylglycerols. Biodiesel produced from algae is a renewable and eco-friendly fuel [21], [2] and [22]. It can be used in diesel engines in any proportion blended with diesel fuel without significant engine modification or even with no modification at all [23].