Asia set to drive global newbuild liquids storage capacity
Asia is expected to drive capacity growth in the global liquids storage industry from planned and announced (newbuild) projects by contributing around 43% of the global newbuild liquids storage terminals’ capacity during the outlook period 2019 to 2023, says GlobalData.
According to the company’s latest analysis, Asia is expected to have a newbuild liquids storage capacity of 217mn barrels by 2023.
Dipayan Chakraborty, Oil & Gas Analyst, GlobalData, comments: ‘In Asia, a total of 54 planned and announced liquids storage terminals are expected to start operations by 2023. Of these, the planned Zhanjiang IV terminal in China will have the highest liquids storage capacity of 44mn barrels.’
The company identifies North America as the second highest region in terms of global liquids storage capacity growth, adding a newbuild capacity of 103mn barrels by 2023. The Plaquemines liquids storage terminal in the US is expected to have the highest capacity among the planned and announced terminals in the region, with 20mn barrels of capacity by 2023.
The Middle East stands third, with newbuild liquids storage capacity of 96mn barrels in 2023.
Figure 1: Global newbuild liquids storage capacity growth by key regions, in mn barrels, 2019–2023