India to lead Asian bulk liquid storage projects

GlobalData’s latest report, “Oil and Gas Liquids Storage New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts to 2028,” revealed that out of 45 projects to commence operations in India by 2028, new build projects are likely to account for 62% and the rest are expansions of existing projects.

Bhargavi Gandham, Oil & Gas Analyst at GlobalData, commented: “India is also set to witness the second-largest increase in liquids storage capacity in Asia by 2028, with an expected addition of 160 million bbl of storage capacity. These capacity expansions are mainly being planned to accommodate the nation's ever-growing demand for crude oil, petroleum products, and chemicals.”

In India, Strategic Petroleum Reserves (SPRs) are projected to constitute 47% of the total additions to liquid storage capacity by 2028. SPRs enable the nation to adjust oil supplies in response to emergencies, such as disruptions in global oil supply chains. The Chandikhol project is the largest planned SPR in the country, with a proposed capacity of 29.3 million bbl by 2028. Indian Strategic Petroleum Reserves Limited is the operator of this project, with operations anticipated to commence by 2025.

Bikaner is another major SPR project with a total capacity of 27 million bbl. Indian Strategic Petroleum Reserves Ltd is the operator of this project as well, which is expected to start operations by 2025.

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