Market intelligence firm GlobalData claims China leads the world for planned liquids storage capacity between now and 2023, with the US and UAE some way off
Credit: GlobalData
China will come to dominate the growth of global planned liquids storage capacity over the next four years, according to GlobalData.
The market intelligence firm’s latest report suggests the amount of planned liquid storage capacity across the world is expected to reach 94,559 thousand cubic meters (mcm) by 2023.
Its oil and gas analyst Anil Agarwal said: “China is increasing its liquids storage capacity as part of its strategic petroleum reserve programme.
“The growth in storage capacity will also supplement the strong refinery capacity growth in the country.”
Planned liquids storage capacity by country
Roughly 174 new liquids storage terminals are expected to start operations between now and 2023, according to GlobalData.
The company suggests China’s planned liquids storage capacity will lead all other countries around the world over the four-year period, predicting it to rise from 17.686 mcm this year to 24,381 mcm in 2023 at an average annual growth rate (AAGR) of 8%.
The nation is also anticipated to top the list of new-build capital expenditure (capex) spenders over the next four years in terms of planned and announced liquids storage terminals.
The US will be second, claims GlobalData, which predicts the country will have 15,477 mcm of planned liquids storage capacity by 2023, up from 4,081 mcm today, making for an AAGR of 33.3%.
Behind America is the United Arab Emirates (UAE), which will rank third globally in four years’ time, increasing its planned liquids storage capacity from 1,476 mcm in 2019 to 8,514 mcm in 2023 at an AAGR of 43.8%.
The biggest planned and announced liquid storage capacity terminals in 2023, as far as capacity is concerned, will be Zhanjiang IV in China (7,000 mcm), the UAE’s Fujairah XVIII (6,677) and Lawe-Lawe CCT in Indonesia (3,975 mcm).
Zhanjiang IV leads the world in terms of projected planned and announced project capacity during 2019-2023, with a planned storage capacity of 44 million barrels (mmbbl).
Fujairah XVIII and Lawe-Lawe CCT, meanwhile, are second and third with 42 mmbbl and 25 mmbbl of storage capacity, respectively.