China is expected to lead the global liquids storage capacity additions, contributing close to 35% of the total global liquids storage capacity additions between 2022 and 2026, according to GlobalData, a leading data and analytics company.

GlobalData’s latest liquids storage industry report, ‘Liquids Storage Capacity and Capital Expenditure (CapEx) Forecast by Region, Countries and Companies including details of New Build and Expansion (Announcements and Cancellations) Projects, 2022-2026’, reveals that China is likely to witness liquids storage capacity additions of 359 million barrels (mmbbl) during the outlook period. Out of this, the capacity additions from new build projects will account for nearly 272 mmbbl, and the rest from the expansion of active terminals.

Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “China is expected to witness the start of 20 new build and expansion liquids storage terminals by 2026. With a capacity of 132 mmbbl, Zhoushan V expansion project will be the largest upcoming liquids storage terminal in the country, followed by Zhanjiang IV and Shanshan, each with a capacity of 44 mmbbl.”

India will be the second-highest contributor to the global liquids storage capacity additions with approximately 15% or 153 mmbbl by 2026. The country is expected to witness the start of operations of more than 40 new build and expansion projects during the outlook period. Chandikhol will be the largest upcoming liquids storage terminal in the country with a capacity of 30 mmbbl by 2026, followed by Bikaner with a capacity of 27.5 mmbbl.

Pandey concludes: “The US will be the third-highest contributor with around 8% of the world’s liquids storage capacity additions during the outlook period. The country is expected to witness the start of operations of more than 30 new build and expansion projects during the outlook period. Jones Creek III and St. Landry will be the largest upcoming liquids storage terminals in the country with respective capacities of 15 mmbbl and 13 mmbbl by 2026.”