Report: Liquids storage capacity to grow by 5.5% globally between 2017 and 2021
The global liquids storage capacity is set to increase from 5,517 million metric barrels (mmbbl) in 2017 to 5,819mmbbl in 2021 at a compound annual growth rate (CAGR) of 5.5%, according to a report by GlobalData.
Titled ‘Global Capacity and Capital Expenditure Outlook for Liquids Storage - Asia to Underpin Global Storage Capacity Growth’, the report forecasts Asia to have the highest planned liquids storage capacity additions of 170mmbbl by 2021.
China is projected to have the most planned liquids storage capacity additions of 71mmbbl and a capital expenditure (capex) spending of $4.6bn by 2021.
Asia is expected to be followed by the Middle East and North America, with capacity additions of 80mmbbl and 57mmbbl respectively.
In the Middle East, Oman is projected to have the most planned capacity additions of 32mmbbl. In terms of capex, Iran ($1.6bn) and the UAE ($1.2bn) are expected to spend approximately half of the region’s capex on planned storage facilities.
In terms of companies, Brightoil Petroleum (Holdings) will have the highest oil storage capacity of 32mmbbl, followed by Oman Oil Company SAOC (31Mmbbl) and China Petrochemical Corp (29mmbbl).
In terms of capex, China Petrochemical is expected to the have the highest capex of $2.1bn, followed by China Huaxin Energy ($1.6bn) and Korea National Oil Corporation ($1.6bn).
The terminals are projected to have the highest capacity additions of 25mmbbl and include The Ras Markaz Crude Oil Park and Lawe-Lawe CCT.
Hainan III in China will be the terminal with the highest capex spending of $1.28bn globally, followed by Jask in Iran and Ulsan XIII in South Korea with $1.04bn and $750m respectively.
Compared to the previous report published in May 2016, 19 new storage terminals were announced, 11 liquids storage projects were stalled, and no terminals were cancelled.