China is expected to dominate the liquids storage capacity growth in Asia, contributing about 53% of the total capacity growth between 2022 – 2026. The country is likely to add 54.5 million m3 of liquids storage capacity by 2026, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Liquids Storage Industry Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals to 2026’, reveals that Asia’s liquids storage capacity is expected to increase by 103.6 million m3 from 2022 to 2026. Out of the total capacity additions, 67.5 million m3 is likely to come from new build projects, and expansions of active projects contribute to the rest with 36.1 million m3.
Teja Pappoppula, Oil and Gas Analyst at GlobalData, comments: “In China, of the liquids storage capacity additions of 54.5 million m3 in the country by 2026, 31.1 million m3 is likely to come from expansion projects and the rest (23.4 million m3) would be from new build projects. Growing crude, products and chemicals demand is driving the liquids storage capacity additions in the country.”
Among the new build projects, the planned Zhanjiang IV liquids storage terminal is one of the largest in the country, with a capacity of 7 million m3, and is expected to become operational in 2022.
The Lianyungang II liquids storage terminal stands second with a capacity of 3.8 million m3. It is also expected to become operational in 2022.
The third largest project in the country is the planned Zhoushan Waidiao Island terminal, which is likely to add a capacity of 3.2 million m3 in 2023. Brightoil Petroleum (Holdings) Ltd would be the operator of this liquids storage terminal.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/15032022/china-to-account-for-more-than-half-of-asias-liquids-storage-capacity-growth/