China Petrochemical likely to add 9% of new-build liquids storage global capacity growth by 2023, says GlobalData

China Petrochemical Corp is expected to lead new-build liquids storage capacity additions in the global liquids storage industry from planned and announced (new-build) projects between 2019 and 2023. The company will contribute around 9% to the global liquids storage capacity growth by 2023, according to GlobalData, a leading data and analytics company.

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 Petrochemical will have new-build liquids storage capacity of 49 million barrels (mmbbl) by 2023 from planned and approved projects.

Dipayan Chakraborty, Oil and Gas Analyst at GlobalData, comments: “China Petrochemical is expected to add two new-build liquids storage terminals in China by 2023. Of these, the Zhanjiang IV terminal has the highest liquids storage capacity of 44 mmbbl while the Luoyang terminal accounts for the rest. Both the terminals are expected to start operations in 2022.”

GlobalData identifies Abu Dhabi National Oil Co (ADNOC) as the company, which will make the second-highest new-build liquids storage capacity addition of 44 mmbbl by 2023. The Fujairah XVIII liquids storage terminal in the UAE will account for most of the capacity additions with 42 mmbbl by 2023.

The Brightoil Petroleum (Holdings) Ltd stands third with new-build liquids storage capacity growth of 40 mmbbl by 2023. The company is expected to add two planned liquids storage terminals, Dalian IV and Zhoushan Waidiao Island, in China. Both the terminals are expected to start operations in 2019, each with a capacity of 20 mmbbl.

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