China to lead growth in global liquids storage capacity by 2023

The company’s report, ‘H2 2019 Global Capacity and Capital Expenditure Outlook for Liquids Storage – China Underpins Global Liquids Storage Capacity Growth’, reveals that China is expected to add liquids storage capacity of 135 million bbl by 2023. Most of the new-build capacity in the country will come from planned terminals.

Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, says: “China is expected to add 13 new-build liquids storage terminals between 2019 and 2023. Among these, Zhanjiang IV is the largest new-build storage terminal, which is expected to start operations in 2022 with a capacity of 44 million bbl.”

GlobalData identifies the US as the second largest country in terms of liquids storage capacity growth with 18% of global liquids storage capacity in 2023. Around 70% of the country’s total new-build capacity will come from planned terminals while the remaining 30% is expected to come from early-stage announced terminals.

The UAE stands third with new-build liquids storage capacity of 55.9 million bbl in 2023. Around 94% of its new-build capacity will come online from planned projects.

Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/25072019/china-to-lead-growth-in-global-liquids-storage-capacity-by-2023/