Asia is poised to dominate the global liquid storage projects landscape, accounting for about 40% of the projects expected to commence operations by the end of the decade, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Liquids Storage New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts to 2030,” reveals that out of 130 projects slated to commence operations in Asia by 2030, new build projects are likely to account for about 60%, while the rest are expansions of existing projects.
Bhargavi Gandham, Oil and Gas Analyst at GlobalData, comments: “Asia is at the forefront of the global liquid storage projects landscape due to rapid economic development, escalating energy demand, and a thriving petrochemical sector. Notably, nations such as China and India are spearheading this growth due to the requirement of new storage facilities for crude oil and petroleum products to satisfy their burgeoning energy requirements.”
Nearly half of the upcoming liquid storage projects in Asia are of port terminal type, reflecting the region’s strategic emphasis on expanding trade, imports, and export infrastructure. A significant number of tank farm-type projects are also being planned for large-scale storage and distribution to industrial and residential consumers.
Within Asia, India is positioned as the frontrunner for the upcoming liquids storage projects by 2030. Tank farms and port terminals account for the majority of the upcoming projects in the country. However, Strategic Petroleum Reserves (SPRs)-type projects account for more than half of the capacity additions, indicating a strategic focus on securing oil for emergency purposes. Bikaner and Chandikhol are some major SPR-type projects that will lead capacity additions by 2030.
GlobalData identifies China as the second-largest contributor to the count of liquid storage projects in Asia by 2030. The majority of forthcoming projects within the country fall into two categories: port terminals and refinery terminals, with the latter representing the bulk of capacity expansions.
Bhargavi concludes: “Refinery terminals are instrumental for China, particularly in facilitating the import of crude oil and the export of petroleum products. Notably, the expansion project at the Zhoushan V terminal stands out as a major refinery terminal project, with 132 million barrels of storage capacity likely to be added by 2028.”
Source: cyprusshippingnews.com
