Preparing for a decade of change

AS the sector enters a new decade, Channoil Consulting’s Chris Reveliotis, examines some of the key challenges facing the storage sector including shifting global trade patterns  and the electrification of transport STORAGE in the oil business is about more than just warehousing and logistics. The oil storage industry, and in particular the European one, is more dynamic and different because it intrinsically includes the operations of blending new products and trading them (both locally and internationally). The oil storage industry performs a hybrid role encompassing both traditional logistics and manufacturing functions. Seen in this dual role (manufacturing/trading hubs and logistics hubs), the oil storage sector is driven by two main sets of dynamics: 1. The trading dynamics of the international markets that it services through its blending, storage and subsequent import/export activities. 2. The changes in the demand of the internal European market it services through its purely logistics function. As we enter a new decade, the sector is facing formidable challenges, some of which may develop into existential threats. Disrupting changes are present in both trading...