China will drive most of the liquids storage capacity growth in Asia and Oceania with its planned and announced (new-build) terminals. The country is expected to account for 59% of the regions’ total capacity growth between 2019 and 2023, says GlobalData.
The company’s report, ‘Liquids Storage Industry Outlook in Asia and Oceania to 2023 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals’, reveals that China is likely to have a new-build liquids storage capacity of 22.3 million m3 by 2023.
Varun Ette, Oil and Gas Analyst at GlobalData, comments: “In China, 10 planned and two announced liquids storage terminals are expected to start operations during the forecast period. The Zhanjiang IV terminal, which is expected to start operations in 2022, will have the highest liquids storage capacity among all the terminals with 7.0 million m3.”
Following China, GlobalData identifies Indonesia as the second highest contributor to the liquids storage capacity growth in Asia and Oceania with a new-build capacity of 6.1 million m3 by 2023. Of the total capacity, 4.5 million m3 is likely to come from early-stage announced projects and the rest is from planned terminals.
India is the third-highest contributor to the liquids storage capacity growth in Asia and Oceania. The country is expected to witness start of operations of 18 planned and announced liquids storage terminals by 2023 with a total capacity of 3.3 million m3. Mandvi will have the highest liquids storage capacity of 800 000 m3. It is expected to start operations in 2022.
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