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Insitec and Mozambique’s Methanol Production, By Celso Correia

March 14, 2013 Leave a comment

Residing in Maputo, Mozambique, Celso Correia is the Founder and Chairman of Insitec, the largest investment group in Mozambique, with interests in construction, banking, infrastructure, and energy. Through its activities in South Africa, Angola, and Malawi, the company is expanding its regional importance and influence.

Insitec holds a 25% stake in the project of the German company GigaMethanol BV to build and operate a methanol plant in Mozambique that will be the largest and most efficient in the world. Methanol, which is derived from natural gas, is used in products including glues, paints, packaging, and pharmaceuticals. The global demand for methanol is increasing, and the plant will generate seven million tons of methanol annually, about 15% of the worldwide annual production, increasing the value of Mozambique’s natural gas. In addition, the plant will convert methanol to gasoline, enabling Mozambique to produce gasoline and decreasing its reliance on outside sources of energy.

Building the initial factory will employ about 2000 workers. Construction costs will be about $3.5 billion, and annual revenue from the project is projected to be $1.75 billion when the plan begins operating in 2016.

Celso Correia lives in Maputo, Mozambique, where he oversees Insitec’s wide-ranging business interests. He is married and has two daughters.

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