GlobalData: India to lead Asia’s liquid storage projects count
Published by Bella Weetch,
India is expected to drive the liquids storage projects count in Asia, contributing approximately 40% of the region’s total liquids storage projects count from 2022 to 2026, according to GlobalData.
GlobalData’s latest report, ‘Liquids Storage New-Build and Expansion Projects Analytics and Forecast by Project Type, Regions, Countries and Development Stage, 2022-2026’, reveals that out of 44 projects to commence operations by 2026 in India, new-build projects would be at 25, and expansion projects are 19.
Sudarshini Ennelli, Oil & Gas Analyst at GlobalData, comments: “India also has the second highest liquids storage capacity additions in Asia with 154 million bbl expected to come online by 2026. Of these, 122 million bbl is likely to come from new-build projects and the rest, 31 000 bbl, would be from expansion projects. These capacity additions are being planned to meet India's ever-growing demand for crude, petroleum products, and chemicals.”
India is also planning a few liquids storage terminals to adjust oil supplies in case of emergencies such as disruptions in the global crude oil supply chain as strategic petroleum reserves. Chandikhol's is one of such terminals with a capacity of 30 000 bbl, and a cost of US$941 million. Indian Strategic Petroleum Reserves Ltd is the operator of the project and is expected to start operations by 2025.
The Bikaner is another major strategic reserve project with a capacity of 27 million bbl and costing US$642 million. Indian Strategic Petroleum Reserves Ltd is the operator of this project as well, which is expected to start operations by 2025.
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/26052022/globaldata-india-to-lead-asias-liquid-storage-projects-count/
You might also like
Wood Mackenzie discusses the implications of recent OPEC+ meeting
The decision by OPEC+ to extend current production cuts, and an additional voluntary 1 million bpd reduction from Saudi Arabia in July 2023, should provide support for prices during the rest of 2023, according to Wood Mackenzie.