China is expected to lead the liquids storage capacity growth in Asia, contributing about 50% of the total capacity growth between 2021 and 2025. According to GlobalData, it is likely to add 49.4 million m3 of liquids storage capacity by 2025.
GlobalData’s report, ‘Global Liquids Storage Industry Outlook to 2025 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Terminals’, reveals that Asia’s liquids storage capacity is expected to increase by 98.1 million m3 during 2021 – 2025. Out of the total capacity additions, 61.3 million m3 is likely to come from new build projects, and expansions of active projects contribute to the rest.
Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, said: “China is rapidly expanding its storage capacity due to several factors such as refinery capacity expansion and growing demand for petroleum products. Of the total liquids storage capacity additions of 49.4 million m3 in the country by 2025, 31.9 million m3 is likely to come from expansion projects and the rest will be from new build projects. Major upcoming projects in the country are Zhoushan V Expansion, Shanshan Expansion and Zhanjiang IV.”
GlobalData expects India to occupy the second place in terms of liquids storage capacity additions in Asia by 2025. India is expected to contribute about 25% of the liquids storage capacity growth in Asia, with total capacity additions of 24.2 million m3 by 2025. Chandikhol, Bikaner, Padur II, and Rajkot are some of the key upcoming projects in India.
Soorya added: “Indonesia will be the third-highest country in Asia to add 13 million m3 by 2025, contributing about 13% of the Asian liquids storage capacity additions by 2025. Selayar, Lawe-Lawe CCT and Nipah will be Indonesia’s major upcoming liquids storage projects during the outlook period.”
Read the article online at: https://www.tanksterminals.com/special-reports/12032021/globaldata-china-to-account-for-half-of-asias-liquids-storage/