China to spearhead global liquids storage capacity growth by 2023, says GlobalData

Source: press release, 25 July 2019

Global new-build liquids storage capacity growth by key countries (mmbbl), 2023
Global new-build liquids storage capacity growth by key countries (mmbbl), 2023 (source: GlobalData, Oil and Gas Intelligence Center)

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, a data and analytics company.

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