Global liquids storage capacity is expected to grow by 6.1% during 2019–2023, from 7,798 million barrels (mmbbl) in 2019 to 8,274 mmbbl in 2023, according to a recent GlobalData report.

The report, entitled “H2 2019 Global Capacity and Capital Expenditure Outlook for Liquids Storage – China Underpins Global Liquids Storage Capacity Growth” found that  among regions, Asia, North America, and the Middle East lead globally in terms of liquids storage capacity growth from planned and announced projects, with capacities of 218 mmbbl, 109 mmbbl, and 106 mmbbl respectively in 2023.

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Among countries, China leads the global growth from planned and announced projects with 135 mmbbl of liquids storage capacity in 2023. The US and the UAE follow with 94 mmbbl and 56 mmbbl, respectively.

The Zhanjiang IV terminal in China leads globally in terms of capacity among planned and announced projects during the outlook period 2019-2023 with 44 mmbbl. Fujairah XVIII in the UAE and Lawe-Lawe CCT in Indonesia follow with planned storage capacities of 42 mmbbl and 25 mmbbl respectively.

Among companies, China Petrochemical Corp (CPC), Abu Dhabi National Oil Co. (ADNOC) and Brightoil Petroleum (Holdings) Ltd. are expected to lead globally in 2023 with capacities of 49 mmbbl, 44 mmbbl and 40 mmbbl, respectively from planned and announced liquids storage projects.

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In terms of new-build capital expenditure (capex) outlook for planned and announced liquids storage projects during the period 2019–2023, Asia leads with new-build capex of $18.9bn, followed by North America and the Middle East with $15.2bn and $8.7bn, respectively.

Among countries, the US, China and Indonesia lead globally in terms of new-build capex during the outlook period, with $11.5bn, $8.5bn, and $3.3bn respectively, to be spent on planned and announced projects.

In terms of new-build capex, CPC once again leads among oil and gas companies with the highest new-build capex of $3.4bn to be spent on planned and announced liquids storage projects in the outlook period. State Company for Oil Projects (SCOP) and Accord Group (India) Pvt Ltd follow with new-build capex of $2.1bn and $1.9bn respectively.