The extraction of oil from algae, like the soybean crush process, produces two primary products: algae oil and algae meal.
The exact chemical nature of the oil depends on many factors including the species of algae grown (there are over 100,000 different species known), the growth conditions (temperature, nutrient mix, pressure, etc.), and also on any genetic modifications that may be incorporated into the algae species being used.
Some types of algae oil are amenable to biodiesel production, and others are amenable to conventional petroleum extraction. Still others may require yet-to-be-invented processes for downstream refining.