China is set to drive most of the liquids storage capacity growth in Asia and Oceania, accounting for 59 per cent of the regions’ total capacity growth between 2019 and 2023, according to analysts.
In GlobalData’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’, it is revealed that China is likely to have a new-build liquids storage capacity of 22.3 million cubic meters (mmcm) by 2023.
Varun Ette, Oil and Gas Analyst at GlobalData, commented: “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 mmcm.”
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 mmcm by 2023. Of the total capacity, 4.5 mmcm 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 mmcm. Mandvi will have the highest liquids storage capacity of 0.8 mmcm. It is expected to start operations in 2022.
For more information visit www.globaldata.com