International oil-storage operators expand on supply trends
The big international independent oil-storage operators are implementing capacity expansions to support the growing long-distance trade in refined products
Independent oil storage operators – the Netherlands’ Vopak and Germany’s Oiltanking are the world’s largest – are positioning for another round of expansion in demand for their services, driven by the growing long-distance trade in refined products. A large volume of new storage capacity is under construction or planned, with Asia the main location. The independent storage business grew up in the 1970s, in step with the growth in independent trade in refined oil products. Later, new users such as the national oil companies added to demand for capacity. Most recently, the shift from the refining business’s historical centres-of-gravity – the US and western Europe – to Asia is bringing further
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