China to dominate liquids storage capacity additions in Asia through 2024, says GlobalData

China is expected to witness the highest liquids storage capacity additions in Asia, contributing about 32% of the region’s total capacity additions through 2024, says GlobalData, a leading data, and analytics company.

GlobalData’s report, Global Capacity and Capital Expenditure Outlook for Liquids Storage, 2020-2024 – Asia Spearheads Global Liquids Storage Capacity Growth, reveals that China is likely to witness a liquids storage capacity addition of 103 million barrels (mmbbl) over the next four years. Out of these, the capacity of planned projects that have received the necessary approvals for development accounts for nearly 97 mmbbl and the remaining capacity of 5 mmbbl is expected to be added by the expansion of active terminals.

Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “China is expected to witness the start of 11 new-build liquids storage terminals by 2024, all of which are planned ones. With a capacity of 44 mmbbl, Zhanjiang IV is the largest upcoming liquids storage terminal in the country, followed by Hainan III with 16 mmbbl by 2024.”

GlobalData identifies Indonesia as the second-highest contributor to the liquids storage capacity additions in Asia, contributing around 25% or 81 mmbbl by 2024. The country is expected to witness the start of two planned and two announced projects during the outlook period. Selayar is the largest upcoming liquids storage terminal in Indonesia with a capacity of 44 mmbbl by 2024. Lawe-Lawe CCT is the country’s second largest upcoming liquids storage terminal with a capacity of 25 mmbbl.

India ranks third across Asia, contributing about 20% of the region’s liquids storage capacity additions during the outlook period 2020–2024. The country has 21 upcoming projects, of which 11 are planned and the remaining 10 are announced projects. Rajkot and Mandvi are the largest upcoming liquids storage terminals in the country with respective capacities of 18 mmbbl and 5 mmbbl by 2024.

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