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Lithuania Storage Tank & Tower Industry Analysis
The crude oil, gas, and petroleum products storage tanks industry in Lithuania is relatively small, but it plays a significant role in the country's economy. Lithuania has a strong industrial base, with a focus on energy and transportation, which requires the storage of crude oil, gas, and petroleum products. In this analysis, we will explore the current scenario of the industry, major drivers, and the outlook for the future.
Current Scenario:
The crude oil, gas, and petroleum products storage tanks industry in Lithuania is dominated by the Mazeikiai Oil Refinery, which is the largest refinery in the Baltic region. The refinery has a storage capacity of 1.2 million cubic meters and is capable of processing up to 10 million tons of crude oil per year. The facility is owned by the Polish company PKN Orlen, which acquired it in 2006.
Apart from Mazeikiai Oil Refinery, there are several other storage tank facilities in Lithuania. The Klaipeda Oil Terminal is the second-largest storage facility in the country with a capacity of 650,000 cubic meters. It is owned by KN (Klaipedos Nafta), a state-owned company that also operates the Klaipeda LNG terminal. The BMT terminal in Klaipeda has a storage capacity of 340,000 cubic meters, while the Butinge terminal, which is also located in Klaipeda, has a storage capacity of 1 million cubic meters.
Major Drivers:
The crude oil, gas, and petroleum products storage tanks industry in Lithuania is primarily driven by the demand for energy and transportation fuel. The Mazeikiai Oil Refinery supplies fuel to the domestic market and exports to other Baltic countries. The storage tank facilities in Klaipeda are also strategically located for the transit of Russian oil to other European countries, particularly Poland and Germany.
The industry is also influenced by global oil prices, which affect the profitability of refineries and storage tank facilities. Fluctuations in crude oil prices can impact the demand for storage tanks, as companies may need to adjust their inventory levels based on market conditions.
Industry Outlook:
The crude oil, gas, and petroleum products storage tanks industry in Lithuania is expected to grow modestly in the coming years. The Mazeikiai Oil Refinery is planning to upgrade its facilities, which will increase its efficiency and reduce its environmental impact. The Klaipeda Oil Terminal is also expanding its storage capacity to meet the growing demand for oil and gas products in the Baltic region.
However, the industry may face some challenges in the future. The demand for fossil fuels is expected to decline as Lithuania and other European countries transition to renewable energy sources. This could impact the profitability of refineries and storage tank facilities that rely on the demand for crude oil and gas products.
In conclusion, the crude oil, gas, and petroleum products storage tanks industry in Lithuania is an important part of the country's energy and transportation infrastructure. The industry is expected to continue growing modestly in the coming years, driven by the demand for energy and transportation fuel. However, the industry may face challenges in the future as the demand for fossil fuels declines and countries transition to renewable energy sources.
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