Petrochemical Storage ‘Changing’ To Reflect Clean Energy Demand
Demand for cleaner energy sources around the world is set to impact the petrochemical storage industry, and companies should be preparing for this, according to one organisation.
Royal Vopak NV, which is one of the world’s largest independent storage tank operators, has indicated it is focusing its investment priorities on providing storage for cleaner energy sources, such as natural gas.
Bloomberg reported on comments made by the company’s chief executive officer Eelco Hoekstra during an interview in Kuala Lumpur.
“Our daily reality at the moment is that certain economies are in need just to get fuels, others are buying cleaner fuels and others are focusing on lowering emissions,” he explained.
India is one nation where people and businesses are being encouraged to swap to LPG for cooking and natural gas for vehicles in a bid to reduce pollution. Meanwhile, in China stricter fuel-quality rules have been introduced to try and tackle pollution around the country.
Mr Hoekstra also predicted that shipments of propane from the US and Canada to Asia are likely to increase in the coming years.
He added that in order to make the change to cleaner fuels “the infrastructure needs to be there”, and that Europe is one of many locations likely to see greater demand for storage facilities for clean energy options.
India recently signed a contract with Iran to import LPG to meet growing demand in the country, with the Times of India reporting that consumption of the fuel climbed by 9.3 per cent in 2016/17 compared to the previous year.
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