China and the US are projected to lead with highest capital expenditure (CapEx) spending on liquids storage capacity over the next four years, according to a report by GlobalData.

Titled ‘Global Capacity and Capital Expenditure Outlook for Liquids Storage – China Leads with Highest Planned and Announced Global Storage Capacity’, the report is centred on global capacity and capital expenditure for the outlook period between 2018 and 2022.

The reported estimated a 6.1% growth in global liquids storage capacity during the outlook period, from 7,222 million barrels (mmbbl) this year to 7,659mmbbl by 2022.

Among regions, Asia is expected to have the most planned liquids storage capacity additions of 283mmbbl, followed by the Middle East and North America with 75mmbbl, and 69mmbbl, respectively, by 2022.

Globally, China leads with the most planned liquids storage capacity additions, around 159mmbbl, by 2022, while the US occupies the second position with 55.3mmbbl.

“The reported estimated a 6.1% growth in global liquids storage capacity during the outlook period, from 7,222 million barrels (mmbbl) this year to 7,659mmbbl by 2022.”

In terms of CapEx, both countries are expected to spend $8bn each by 2022.

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In the Middle East, Oman is set to add 35.1mmbbl, which represents the highest planned storage capacity addition in the region.

Iraq and Oman will have more than 60% of the region’s CapEx to develop planned storage facilities, with estimated spending of $2bn and $1.3bn, respectively.

Among companies, China Petrochemical leads in terms of oil storage capacity with 67.1 mmbbl, while Brightoil Petroleum and Oil Industry Development Board have the second and third highest capacity levels of 39.7mmbbl and 32.2mmbbl, respectively.

China Petrochemical is also expected to have the highest CapEx with spending of $2.6bn, followed by State Company for Oil Projects and Brightoil Petroleum, with both set to invest $2bn each.

Among terminals, the Zhanjiang IV terminal in China, Chandikhol in India, and Ras Markaz Crude Oil Park in Oman will have the highest planned storage capacity additions, with 44mmbbl, 32.2mmbbl and 25mmbbl, respectively.