Asia to account for 61% of global liquids storage capacity additions through 2026
Asia will continue to lead the global liquids storage capacity additions, contributing approximately 61% of the total global liquids storage capacity additions between 2022 and 2026, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest liquids storage industry report, ‘Liquids Storage Capacity and Capital Expenditure (CapEx) Forecast by Region, Countries and Companies including details of New Build and Expansion (Announcements and Cancellations) Projects, 2022-2026’, reveals that Asia is expected to witness 678 million barrels (mmbbl) of liquids storage capacity additions from new build and expansion projects during the outlook period.
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “China will primarily drive liquids storage additions in Asia through 2026 to meet the ever-growing demand for crude oil, refined products, and petrochemicals. Zhoushan V will be the largest upcoming liquids storage terminal in the country with a capacity of 132 mmbbl. The project is expected to start operations in 2025.”
The Middle East will be the second highest contributor globally with 16% of the total capacity additions or 181 mmbbl by 2026. The United Arab Emirates, Oman and Iraq are expected to drive liquids storage capacity additions in the region. Fujairah XVIII in the United Arad Emirates, with a capacity of 42 mmbbl, will be the largest upcoming liquids storage terminal in the region. The project is expected to start operations in 2023.
Pandey concludes: “North America will be the third highest contributor globally in terms of liquids storage capacity additions from new build and expansion projects with 110 mmbbl expected to be added during the outlook period. The US primarily drives liquids storage capacity additions in the region with Jones Creek III set to be the largest upcoming terminal in the country with a capacity of 15 mmbbl.”