25 Jul 2019
Posted in Oil & Gas
China to spearhead global liquids storage capacity growth by 2023, says GlobalData
China is expected to lead the global capacity growth of planned and announced liquids storage terminals by 2023, accounting for 26% of global new-build liquids storage terminals’ capacity, 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 is expected to add liquids storage capacity of 135 million barrels (mmbbl) 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 mmbbl.”
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 mmbbl in 2023. Around 94% of its new-build capacity will come online from planned projects.