China to account half of Asia’s liquids storage capacity growth by 2025

China is expected to dominate the liquids storage capacity growth in Asia, contributing about 50% of the total capacity growth between 2021-25. It is likely to add 49.4 million cubic meters (mmcm) of liquids storage capacity by 2025, says GlobalData, a leading data and analytics company. 

GlobalData’s report, reveals that Asia’s liquids storage capacity is expected to increase by 98.1 mmcm during 2021-2025. Out of the total capacity additions, 61.3 mmcm is likely to come from new build projects, and expansions of active projects contribute to the rest.

Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, comments: “China is rapidly expanding its storage capacity due to several factors such as refinery capacity expansion and growing demand for petroleum products. Of the total liquids storage capacity additions of 49.4 mmcm in the country by 2025, 31.9 mmcm is likely to come from expansion projects and the rest will be from new build projects. Major upcoming projects in the country are Zhoushan V Expansion, Shanshan Expansion and Zhanjiang IV.”

GlobalData expects India to occupy the second place in terms of liquids storage capacity additions in Asia by 2025. India is expected to contribute about 25% of the liquids storage capacity growth in Asia, with total capacity additions of 24.2 mmcm by 2025. Chandikhol, Bikaner, Padur II, and Rajkot are some of the key upcoming projects in India.

Soorya adds: “Indonesia will be the third-highest country in Asia to add 13 mmcm by 2025, contributing about 13% of the Asian liquids storage capacity additions by 2025. Selayar, Lawe-Lawe CCT and Nipah will be Indonesia’s major upcoming liquids storage projects during the outlook period.”