EBZ to grow corn for bioethanol

A man walks through one of the cornfields which the Hellenic Sugar Industry (EBZ) plans to turn into a bioethanol production facility. Corn, also known as maize, is used to produce bioethanol, an energy source that can be used as a gasoline substitute. Last month, EBZ canceled a tender to find a strategic investor, citing unfavorable market conditions. The company said it will continue talks directly with two interested companies: US joint venture Renew Energy / Cal West Ethanol and Greek oil refinery Motor Oil. EBZ shares, which are listed on the Athens bourse, have lost 27 percent in the last three months, as compared with a 20 percent drop on the market as a whole.