Globally, 257 upcoming liquid storage projects are likely to commence operations during the 2024 to 2028 period.

Approximately 56% of the upcoming liquid storage projects are in the construction stage with expected operational commencement by 2028.

Additionally, 362 million barrels of liquid storage capacity is presently under construction and likely to become operational by 2028.

Port terminals lead both in terms of project count and storage capacity additions globally by 2028.

Regarding project type, new-build projects outnumber expansion projects both in count, as well as storage capacity additions.

Globally, Asia dominates both in terms of liquids storage project count and capacity additions by 2028.

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Port terminals lead the region on project count while refinery terminals dominate in terms of total proposed storage capacity additions.

New-build projects are almost double that of expansion projects in Asia, which indicates the huge demand for new oil storage capacities in this leading refining region globally.

Among countries, India leads with the highest number of storage projects that are expected to start operations by 2028.

Tank farms constitute the maximum number of projects in India followed by port terminals.

In terms of storage capacity additions, China leads with a proposed 256 million barrels of liquid storage capacity by 2028, with refinery terminals contributing the major chunk.

Further analysis on global liquids storage projects can be found in leading data and analytics company GlobalData’s new report: Oil and Gas Liquids Storage New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts to 2028.