Bhatatbook.com included a new report on "The Future of Global Oil and Gas Storage Industry to 2013" which gives ompetitive scenario of global oil and gas storage industry.
Online PR News – 22-October-2009 – – The Future of the Global Oil and Gas Storage Industry to 2013
It is an in-depth source of information on all active and planned oil and gas storage facilities and key trends and issues globally along with market share analysis of major oil and gas storage companies by region. According to the report, driven by growing demand for crude oil and petroleum products, especially from developing nations in the Asia Pacific region, the global oil storage capacity has increased from 379.77 MM3 (million cubic meters) in 2000 to 470.62 MM3 in H1 2009, at an average annual growth rate (AAGR) of 2.3%. The global oil storage capacity is expected to increase to 488.07 MM3 in 2013 at an AAGR of 0.9%. Investments by China to create strategic petroleum reserves are anticipated to strengthen the growth of the oil storage industry. The global underground gas storage capacity was 11,800.61 Billion cubic feet (Bcf) in H1 2009. Clean energy initiatives drive the growth of the natural gas industry, hence, boosting the natural gas storage industry. ( http://www.bharatbook.com/Market-Research-Reports/The-Future-of-Global-Oil-and-Gas-Storage-Industry-to-2013.html )
Strategic Petroleum Reserve Creation Strengthens the Growth of Oil Storage in Asia Pacific Region
China is the second largest oil consumer in the world and the third largest oil importer after the US and Japan. With over 175 million tonnes of crude oil imports in 2008, China's strategic oil reserves are relatively low. To secure its future energy needs, the nation has produced a three-phase blueprint to build national petroleum reserves and has started setting up national oil reserve bases since 2003. Strategic Petroleum Reserves (SPR) are quantities of crude oil or petroleum products held either to facilitate draw-downs to reduce the economic impact of crude oil supply disruptions or to prevent purposeful reductions in crude oil supply for political ends. Under the first phase of China’s crude oil reserve plan, four storage bases are being built with a total capacity of 16.4 million cubic meters of oil, which is equivalent to 30 days supply for China. The aim of China's strategic petroleum reserve plan is to cover 90-100 days of imports by the end of last phase.
Economic Crisis Slows the Investments in Planned Oil and Gas Storage Terminals
The North American oil storage industry contributes to a significant portion of global oil storage industry accounting for 29.50% of the total world capacity in H1 2009. North America, the largest consumer of crude oil has affected the oil price dynamics due to reduced consumption. The customers in this region have slashed their spending and travel budgets. Hence, the excess oil supplied to this geography has led to huge inventories offshore. Oil and gas companies had lower cash reserves as a result of lower demand. The planned projects were either deferred or cancelled due to the credit crunch in 2008 and until mid of 2009. However, China has capitalized on lower oil prices and started building oil inventories for its future consumption.
Anticipated Economic Recovery Boosts Oil Storage Industry
Oil demand has decreased due to lower consumption levels from the world’s major consuming markets. The US, the largest oil consumer has not resumed to the pre-recessionary consumption levels, since last November. Once the world recovers from the current economic recession, the global oil demand will increase. The increase in consumption levels post-recession and increases in population will drive the oil demand and hence the oil storage industry.
Lack of Storage Infrastructure Boosts the Oil Storage Industry in Asia Pacific region
The storage infrastructure in developed regions such as North America and Europe is well established, whereas, the storage infrastructure in the emerging nations in South East Asia as well as the oil-rich nations in Middle East and Africa is still at the growing stage. The rise in oil demand due to the economic growth in South East Asia is likely to propel the storage industry growth in the region. Moreover, the lack of robust storage infrastructure in the large oil consuming countries such as China is driving the oil storage industry in the region. China is one of the top oil consumers in the world and in order to secure its future oil needs, the country is increasing its crude oil storage capacity. It is building huge storage facilities to increase its oil reserve capacity.
Singapore has also experienced strong growth in the petroleum products storage industry from 2003-08. Singapore has experienced a double-digit growth in its oil consumption since 2000. Singapore is strategically located at the crossroads of the Indian and Pacific Oceans and has deep-water berths, and well-established refinery infrastructure. The country being a refining and trading hub has invested in petroleum products storage.
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