The Middle East will add considerable liquids storage capacity additions by 2028, representing almost 16% of total global additions. This growth is driven by the need to improve energy security through strategic reserves, manage increasing global demand and strengthen its role as a key oil exporter. Additional storage helps buffer supply disruptions and price fluctuations while supporting geopolitical stability.
The United Arab Emirates (UAE) will dominate within the Middle East, accounting for more than half total capacity additions by 2028. It will help the country to meet its goal of increasing crude oil production, capitalising on its hydrocarbon reserves, meeting rising global energy demand and continuing to play a key role in the global energy market. It also helps the UAE manage production and exports more efficiently. Key upcoming storage terminals in the country, Fujairah XVIII, Fujairah XVI and Fujairah XII, will be instrumental in driving these capacity enhancements.
The Fujairah XVIII liquids storage terminal is at the forefront of the UAE’s liquids storage capacity additions with 42 million barrels (mmbbl) of storage capacity likely to be added in 2025. Abu Dhabi National Oil Co is the 100% owner as well as the proposed operator of this planned terminal, which is currently under construction.
Iran is expected to add considerable liquids storage capacity additions with more than 20mmbbl of capacity added by 2028. Within Iran, the Jask liquids storage terminal, operated by Iranian Oil Terminals Co, is poised to lead the capacity additions with 6mmbbl added this year through expansion.
Further details of global liquids storage capacity and capital expenditure analysis can be found in 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