China set to contribute 59% of Asia and Oceania’s liquids storage capacity growth by 2023, says GlobalData. 

In China, 10 planned and two announced liquids storage terminals are expected to start operations during the forecast period. The Zhanjiang IV terminal, which is expected to start operations in 2022, will have the highest liquids storage capacity among all the terminals with 7.0 mmcm.

According to analysts, Indonesia is seen as the second highest contributor to the liquids storage capacity growth in Asia and Oceania with a new-build capacity of 6.1 mmcm by 2023. Of the total capacity, 4.5 mmcm is likely to come from early-stage announced projects and the rest is from planned terminals.

India is the third-highest contributor to the liquids storage capacity growth in Asia and Oceania. The country is expected to witness start of operations of 18 planned and announced liquids storage terminals by 2023 with a total capacity of 3.3 mmcm. Mandvi will have the highest liquids storage capacity of 0.8 mmcm. It is expected to start operations in 2022.

It is noteworthy that the highest worldwide demand growth for primary energy resources was registered in 2018. Half of needs in the total volume of demand is met at the expense of natural gas followed by renewables, as well as oil, coal and nuclear energy. China is stepping up implementation of projects based on environmentally clean technologies and measures preventing air pollution, which promotes substantial growth of global gas demand.