Published on : Sep 08, 2016
ALBANY, New York, September 08, 2016: Global oil storage capacity is expected to decline by 10% by 2019, finds a new report featured by ResearchMoz.com. This projected storage capacity decline will stem from changes to project plans and capacities as well as project cancellations, the report states. The report, titled, “Global Capacity and Capital Expenditure Outlook for Oil Storage - Project Changes and Cancellations Cut Projected Storage Capacity 10% by 2019,” is composed of 44 pages and is available on the Rmoz website.
According to the findings of the report, Asia will be the growth driver for the global oil storage industry until 2019, posting a higher share in the market than the Middle East. Asia’s strong gains in the oil storage industry will be steered for the most part by China – a critical market in terms of both capital spending and capacity growth. However, the spotlight will not solely be focused on China. Other countries such as Indonesia, South Korea, and Malaysia will also exhibit promising growth rates in oil both capital spending and storage capacity.
The report also states that in the Middle East, the growth of planned oil storage capacity is the highest in Saudi Arabia, Iran, and Oman. From the standpoint of capital gains as well, these three regions collectively hold a higher stake than other countries in the Middle East, the report finds. Among the leading companies in the global oil storage industry, CNOOC Ltd and Saudi Arabian Oil Company were the leaders in terms of oil storage capacity expansion. By 2020, the largest planned oil storage terminals in the world will be Fujian II, Al Muajjiz, and Ulsan XIII.
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This report not only presents an overview of the oil storage terminals that have been announced in the recent past, but also studies oil storage terminals that have been cancelled and stalled. The report then moves to an evaluation of region-wise oil storage capacity additions via new terminals. On a similar note, the report also studies oil storage capacity addition at existing terminals across key regional markets. The studies the market by segmenting it on the basis of geography into North America, South America, Oceania, the Middle East, Europe, Central America, the Caribbean, Africa, and Asia.
The analysis and projections presented in this report will help industry stakeholders to factor in anticipated risks while making important decisions. The report also aims to create a clear picture of the opportunities and drivers that will shape the industry’s future across the world as a whole as well as in important regional pockets. More importantly, clients will be able to gain insight into their competitors’ planned oil storage capacities and projects.
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