GlobalData report: China to spearhead global liquids storage capacity growth by 2023

The UAE will stand third with new-build liquids storage capacity of 55.9mmbbl in 2023

GlobalData identifies the US as the second largest country in terms of liquids storage capacity growth with 18% of global liquids storage capacity in 2023.
GlobalData identifies the US as the second largest country in terms of liquids storage capacity growth with 18% of global liquids storage capacity in 2023.

China is expected to lead the global capacity growth of planned and announced liquids storage terminals by 2023, accounting for 26% of global new-build liquids storage terminals’ capacity, according to GlobalData.

The company’s report, H2 2019 Global Capacity and Capital Expenditure Outlook for Liquids Storage – China Underpins Global Liquids Storage Capacity Growth, reveals that China is expected to add liquids storage capacity of 135 million barrels (mmbbl) by 2023. Most of the new-build capacity in the country will come from planned terminals.

Soorya Tejomoortula, oil and gas analyst at GlobalData, says: “China is expected to add 13 new-build liquids storage terminals between 2019 and 2023. Among these, Zhanjiang IV is the largest new-build storage terminal, which is expected to start operations in 2022 with a capacity of 44 mmbbl.

GlobalData identifies the US as the second largest country in terms of liquids storage capacity growth with 18% of global liquids storage capacity in 2023. Around 70% of the country’s total new-build capacity will come from planned terminals while the remaining 30% is expected to come from early-stage announced terminals.

The UAE will stand third with new-build liquids storage capacity of 55.9mmbbl in 2023. Around 94% of its new-build capacity will come online from planned projects.

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