India to lead liquids storage project count in Asia through 2028

India is poised to take the lead in the number of liquid storage projects in Asia that are expected to start operations during 2024-2028, contributing about 42% of the region’s total project count by 2028, says GlobalData, the data, and analytics company.

GlobalData’s latest report, Oil and Gas Liquids Storage New Build and Expansion Projects Analysis by Type, Development Stage, Key Countries, Region and Forecasts to 2028, shows that out of 45 projects to commence operations in India by 2028, new build projects are likely to account for 62% and the rest are expansions of existing projects.

Bhargavi Gandham, Oil & Gas Analyst at GlobalData, comments: “India is also set to witness the second-largest increase in liquids storage capacity in Asia by 2028, with an expected addition of 160 million barrels (mmbbl) of storage capacity. These capacity expansions are mainly being planned to accommodate the nation’s ever-growing demand for crude oil, petroleum products, and chemicals.”

In India, Strategic Petroleum Reserves (SPRs) are projected to constitute 47% of the total additions to liquid storage capacity by 2028. SPRs enable the nation to adjust oil supplies in response to emergencies, such as disruptions in global oil supply chains. The Chandikhol project is the largest planned SPR in the country, with a proposed capacity of 29.3mmbbl by 2028. Indian Strategic Petroleum Reserves Limited is the operator of this project, with operations anticipated to commence by 2025. 

Bikaner is another major SPR project with a total capacity of 27mmbbl. Indian Strategic Petroleum Reserves Ltd is the operator of this project as well, which is expected to start operations by 2025.