Asia will dominate the global liquids storage capacity additions, representing more than half of the total global additions by 2028. This significant growth is attributed to a multitude of factors such as economic growth, rapid development of hydrocarbon infrastructure, and the increase of strategic petroleum reserves.
China is poised to lead within the Asian region, mainly due to the growth of its refining capacity, as well as the country’s increasing liquid hydrocarbon imports and exports. Furthermore, China’s initiative to expand its strategic petroleum reserves in a bid to bolster supply security will necessitate a substantial increase in its liquid storage capacity. Major storage terminals in the country such as Zhoushan V, Ningbo V, Yangpu IV, and Hongrun will play a significant role in these capacity additions.
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The Zhoushan V liquids storage terminal is at the forefront of China’s liquids storage capacity additions, with 131.9 million barrels (mbbl) of storage capacity likely to be added in 2025. Zhejiang Petrochemical is the operator of this active terminal that started operations in 2019.
India is expected to add the second highest capacity additions in Asia with more than 150mbbl of capacity expected to be added by 2028. Within India, the Chandikhol liquids storage terminal is poised to lead the capacity additions with 29.3mbbl likely to be added in 2025. To be operated by Indian Strategic Petroleum Reserves, this largest planned strategic petroleum reserve will help the country to meet liquid hydrocarbon demand during emergencies and will help to improve domestic energy security. Further details of global liquids storage capacity and capital expenditure analysis can be found in leading data and analytics company GlobalData’s new report, Liquids Storage Industry Capacity and Capital Expenditure Forecast by Region with Details of All Operating and Planned Terminals to 2028.
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By GlobalData