The latest analytical report from Global Data, ‘Global Capacity and Capital Expenditure Outlook for Liquids Storage, 2020-2024 – Asia Spearheads Global Liquids Storage Capacity Growth’ suggests that the global liquids storage capacity is expected to grow by nearly 8% from 8,310 million barrels (mmbbl) in 2020 to 8,971 mmbbl by 2024.

Among regions, Asia, the Middle East, and North America lead globally in terms of capacity additions from newbuild (planned and announced) and expansion projects with capacities of 321 mmbbl, 155 mmbbl, and 140 mmbbl respectively by 2024.

Among countries, the US leads the capacity additions from newbuild and expansion projects with 123 mmbbl of liquids storage capacity by 2024. China and Indonesia follow with 103 mmbbl and 81 mmbbl respectively.

Newbuild and Expansion Liquids Storage Capacity by Key Countries, 2020–2024 (mmbbl)*

Among companies, China Petrochemical Corp (CPC), Abu Dhabi National Oil Co (ADNOC), and OQ SAOC are expected to lead globally by 2024 with capacity additions of 50 mmbbl, 44 mmbbl, and 28 mmbbl respectively from active, planned, and announced projects.

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The Zhanjiang IV terminal in China and Selayar in Indonesia lead globally in terms of capacity among newbuild and expansion projects during the outlook period, 2020–2024, with 44 mmbbl each. Fujairah XVIII in the United Arab Emirates follows with a storage capacity of 42 mmbbl.