Asia and Oceania are expected to play an important role in the global liquids storage industry to 2023, according to a recent report by GlobalData.

The report – which looked at the capacity and capital expenditure outlook with details of all operating and planned terminals – found that Asia and Oceana accounted for 31 per cent of the total global active liquids storage capacity in 2018.

Asia and Oceania’s liquids storage capacity increased from 323.9 million cubic meters (mmcm) in 2013 to 377.6 mmcm in 2018 at an average annual growth rate (AAGR) of 3.1 per cent. It is expected to increase from 377.6 mmcm in 2018 to 428.4 mmcm in 2023 at an AAGR of 2.5 per cent.

China, Japan, South Korea, India, and Indonesia are the leading liquids storage countries in Asia and Oceania. In 2018, these countries accounted for 88.2 per cent of the total liquids storage capacity of the region.

Liquids storage industry, Asia and Oceania, storage capacity by country (mmcm), 2013–2023

Source: Midstream Analytics, GlobalData Oil and Gas © GlobalData

The total liquids storage capacity of China in 2018 was 155.5 mmcm. China’s contribution to Asia and Oceania’s total liquids storage capacity was 41.2 per cent. The major liquids storage terminals in the country are Zhoushan IV, Tianjin III and Zhenhai.

Asia and Oceania are expected to witness the start of operations of 61 new-build terminals with a total liquids storage capacity of 37.9 mmcm by 2023. China leads the liquids storage capacity additions in the region with 22.3 mmcm of new-build storage capacity is expected to be added through 12 terminals by 2023.

Zhanjiang IV, Lawe-Lawe CCT and Zhoushan Waidiao Island are the key new-build storage terminals in Asia and Oceania with capacities of 7.0 mmcm, 4.0 mmcm, and 3.2 mmcm, respectively. These terminals are expected to start operations in 2022, 2021, and 2019, respectively.