Oilmarket Blog

In which region is the most tank storage capacity under construction?

Gepubliceerd Jacob on 12 april 2018 19:39:18

Introduction

All over the world, there are independent tank storage companies that support market players in storing their oil products. They help oil companies that have downstream obligations with storing products or support trading companies seizing (arbitrage) opportunities or governments and oil companies with building their strategic reserves. Tank terminals have an important if not a primary function in the oil and gas value chain.

Terminals per region

At the moment, the TankTerminals.com database consists of more than 4.700 tank terminals per geographical region. This number is not evenly spread over these regions. The applicable regions are Africa, Asia, Europe, Middle East, Oceania, North America, Central America and South America.

Under construction

In figure 1 can be seen that in total there is 37.529kcbm under construction. The most tank storage capacity is in Asia. This is around 20.829kcbm or 56% of the total capacity. The Asian region is followed by South America (5.491kcbm or 15%) and Africa (4.027kcbm or 11%). Other more mature regions with respect to tank storage assets (Europe and North America) have only little capacity under construction. This ranges between 2% and 7%.

Some examples of major projects in Asia are from Brightoil in China. According to the latest news, in Dalian the capacity that is under construction is 4.800kcbm and Zhoushan is 1.200kcbm. Another major project is the joint venture between Petronas and Vopak of 2.100kcbm which will be commissioned in 1Q19.

Under expansion

Figure 2 shows that in total there is 20.461kcbm under expansion. Also in this case, Asia is the region where the most tank storage capacity is under expansion. Around 9.427kcbm or 46% of capacity is under expansion. Asia is followed by Europe (4.250kcbm or 21%) and North America (3.720kcbm or 18%). Other regions have little capacity under expansion which ranges between 1% and 7%.

Curious to learn more about the global tank storage industry and what the value is from these statistics for your business, contact us.

Jacob van den Berge, Market & Sales Manager TankTerminals.com & PJK International

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