ECONOMY

Two bids for bioethanol

Athens Exchange-listed Hellenic Sugar Industry has received two bids in response to its call for an investor to help convert two refineries into bioethanol plants. The bidders are Motor Oil Hellas, Greece’s second-biggest refiner, and Cal West Ethanol & Renew Energy EU LLC, Thessaloniki-based Hellenic Sugar said yesterday in a bourse filing. Hellenic Sugar said on March 10 that it was looking for a partner for the conversion of its Larissa and Xanthi sugar refineries. The company intends to reduce sugar output as part of European Union moves to cut the region’s production. Sugar beet is used to produce bioethanol, an alternative fuel for cars. Agricultural Bank of Greece, known as ATEbank, has an 82 percent stake in Hellenic Sugar. (Bloomberg)