The United Arab Emirates (UAE) harbours 1.6% of global storage capacity, and will now register an annual growth rate of 9.3% during the next three years.
UAE is the second largest emerging storage player after China according to a recent report published by Global Data.
The report Global top 10 emerging oil storage markets market analysis, capacity forecasts to 2015 finds emerging markets constitute 26% of global storage with India, Canada and Iran the next biggest storage providers.
The storage markets are likely to grow at an average annual growth rate of 6.9% during 2009-2013.
This is largely driven by the rising demand for oil and petroleum products, increased port trade and oil supply security.
The port of Fujairah in particular is developing from a regional logistics hub to a global hub for oil products, leading to increasing international trade flows and growing demand for storage, blending and transshipment services.
The port has been witnessing increased port trade and there is an ongoing expansion of oil storage facility. Several companies are expanding their storage facilities within the port and the capacity is expected to more than double by 2012.
