GlobalData’s latest report, ‘Global Capacity and Capital Expenditure Outlook for Liquids Storage – China Leads with Highest Planned and Announced Global Storage Capacity’, suggests that the global liquids storage capacity is expected to grow by 6.1% during 2018 to 2022, from the current 7,222 million barrels (mmbbl) in 2018 to around 7,659 mmbbl in 2022.

Globally, 31 new-build liquids storage projects are announced. Among regions, Asia, the Middle East, and North America would lead globally with most planned liquids storage capacity additions of 283 mmbbl, 75 mmbbl, and 69 mmbbl, respectively, by 2022.

In Asia, China has the most planned liquids storage capacity additions and capital expenditure (capex) spending by 2022. The country is expected to add a storage capacity of 159 mmbbl, and spend US$8 billion as capex by 2022.

In the Middle East, Oman has the most planned additional storage capacity with 35.1 mmbbl by 2022. More than 60% of the region’s capex to develop planned storage facilities is in Iraq (US$2.0 billion) and Oman (US$1.3 billion) over the next four years.

In North America, the US would lead in the region in terms of both capacity additions, as well as capex spent on the development of the upcoming storage facilities. The US is expected to add a storage capacity of 55.3 mmbbl by 2022, with a capital spending of US$8 billion during the four year outlook period.

Image: Planned and announced liquids storage capacity additions by key countries. Credit: Midstream Analytics, GlobalData Oil and Gas.

Among companies, China Petrochemical Corp has the most oil storage capacity globally with 67.1 mmbbl, followed by Brightoil Petroleum (Holdings) Limited and Oil Industry Development Board with the oil storage capacity of 39.7 mmbbl and 32.2 mmbbl, respectively.

In terms of capex also, China Petrochemical Corp leads globally among the companies. The company is expected to spend US$2.6 billion, followed by State Company for Oil Projects and Brightoil Petroleum (Holdings) Ltd, both with US$2.0 billion each.