Asia Pacific Oil Storage Market Trends

Asia Pacific Oil Storage Market Size

Investment catering to the rapidly increasing refining throughput capacity owing to growing end use operations through petrochemical processes along with associated storage facilities required for the same is anticipated to witness positive outlook over the course of time for oil storage industry in Asia Pacific. Government inclination towards filling their strategic oil reserves to reduce the supply risk in emergency is further anticipated to complement the business outlook.
 

Government collaboration with oil giant companies to facilitate & maintain the present storage capacities is anticipated to increase the Asia Pacific oil storage market potential in the near future. For instance, in December 2022, Japan Organization for Metals and Energy Security (JOGMEC) extended their deal with Aramco for another three years, where JOGMEC leases 13 national crude oil stockpiling tanks on the island southwest of mainland Japan to Aramco.
 

In return, the country receives a priority claim on the oil stocks in case of an emergency. Such deals & partnerships ensuring the safety of oil stockpiles of any economy in line with maintain their oil reserves will result in the expansion of the oil storage facilities, thereby augmenting the industry outlook.
 

For instance, Indonesian state-owned oil and natural gas corporation, Pertamina completed its first phase of its Balongan refinery upgrade in 2022, expanding its capacity to 150,000 barrel per day from 125,000 barrel per day. In addition, the company has stated to complete its first phase of its Balikpapan refinery advancement in 2024 to increase processing capacity to 360,000 barrel per day from 260, 000 barrel per day. Increasing energy needs along with high demand for petrochemical products is set to augment the Asia Pacific oil storage market growth by 2032.