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2012 Independent Storage Survey: Capacity growth driven by refining trends

Independent oil storage operators are adding new capacity at the world’s key refining and trading hubs to accommodate growth in long-distance flows

The world is relying on fewer but larger refineries, leading to growth in the long-distance products trade between them. Traders need storage capacity, so this trend pleases the independent terminal operators. Vopak and Oiltanking, the world’s largest international storage operators, are both constructing substantial new capacity, with the additions due to increase their combined existing capacity by nearly 15% over the coming two years. Most refining specialists say the trend towards reliance on large newly-built refineries has a long way to run. Small facilities, particularly in Europe, are only marginally profitable yet need reinvestment to meet present market requirements. In contrast

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