Oil and gas storage sector is thinking green

Boosting capacity, reducing costs and meeting green standards are key for the bulk liquid storage industry. That’s according to a new survey from the organisers of StocExpo Europe, which asked 171 industry leaders from […]

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By Jonny Bairstow

Boosting capacity, reducing costs and meeting green standards are key for the bulk liquid storage industry.

That’s according to a new survey from the organisers of StocExpo Europe, which asked 171 industry leaders from the sector to list their top priorities for 2017.

As the oil price slowly rebounds and demand for more specialist storage grows, 49% of participants said reducing cost was of most importance, followed by increasing efficiency (44%) and increasing profitability (35%).

An average of 27% see environmental standards as a key area to focus on, rising to 40% across Europe.

However, only 14% of respondents in the Middle East and 11% in Asia see it as one of their top three priorities.

The report suggests the landmark decision by the International Maritime Organisation last year to reduce the content of sulphur fuels by 2020 is the latest environmental regulation that will impact the industry.

A new floating liquid natural gas storage unit is to be constructed in Malta.