FETSA: Storage In A Contested World

Global relations have changed significantly over the last few years, but storage terminals will find business opportunities, says FETSA’s executive director Ravi Bhatiani  It feels as though we have crossed the Rubicon when it comes to stability of the global order at the moment. Notably, we’re experiencing a shift from unipolarity to multipolarity. For the first time since World War Two, the US is arguably no longer a singular dominant entity defining the global order and institutions – and instead, there are challenges coming from other jurisdictions and regions. This multipolarity involves several centres of competing interests, requiring dialogue, negotiation, pragmatism and compromise to address era-defining issues such as climate change, emerging disruptive technologies and great power competition. A number of issues exemplify the changes we are living through. One is the change in the role of the US dollar and emergence of competing payment methods. USD has traditionally been the dominant currency for global trade – and particularly for energy transactions giving sanctions leverage and economic dependencies for the USA. Another change is the challenge to the US...