China's storage capacity to reach 500 million barrels by 2015

China's oil product storage capacity is expected to reach close to 500 million barrels by 2015, and it's not difficult to see why, with so much change happening in the market.

There's no denying China's massive economic growth over the past decade -the country has recorded an average GDP of more than 10% per year. In only seven years, China's economy doubled; in 13 years, it tripled.

Seventeen years ago China was a net exporter of oil. Today, it is the second-largest importer, transporting 5.4 million barrels of oil into the country every day.

However in the first half of this year crude imports have fallen. But at the same time there was been a modest growth in oil demand, so the country's storage capacities must be rising. And rising fast, going by the huge amount of storage projects ongoing in the region. Brightoil Petroleum Storage, for example, is starting its 1.94 million m3 storage project in 2014 in Zhejiang Province.

Sinopec Kantons has also taken a 95% stake in a firm that will build 2.6 million m3 of storage tanks in Indonesia's Batam Island, near Singapore. The location has been chosen largely because China-bound oil traffic must pass through the Malacca Strait.

Sinopec Kantons is just one of the companies that has confirmed its participation at this year's Tank Storage Asia conference, which will be held this year on 10-11 December in Singapore.

Experts at the event, which is now in its seventh year, will cover overall demand and supply levels, developments of China's strategic petroleum reserves, policies for the storage sector, oil storage scenarios to 2020 and developments in the refining sector.

The conference is supported by Horizon Terminals as well as market leading Tank Storage magazine.

Full details on the event can be found at www.tankstorageasia.com For those interested in giving their own expert views on the bulk liquid storage market in Asia at this event please contact Margaret@tankstoragemag.com