Well, My boss told me that the design is governed by API 2000. I tried to read it, but it's no fun. So I downloaded a spreadsheet, which does all the calculations. It calculates the breather valve diameter, based on the limiting case, I think fire case is the limiting case. API 2000 has some correlations for different cases. I found that the current diameter for the breather pipe is sufficient.
A good resource
http://www.cheresources.com/invision/topic/7327-tank-vent-sizing/
Spreadsheet calculations (credit to original author) here
Equations for normal venting, which should help:
Inbreathing:
If tank capacity <= 3500 m3
Total Inbreathing = Pumpout + 0.178*tank capacity (m3)
If tank capacity >3500 m3
Total Inbreathing = Pumpout + 3.2*(tank capacity (m3))0.651
Outbreathing:
Liquids with flashpoint >37.8 deg C or NBP above 149 deg C
If tank capacity <= 3500 m3
Total Outbreathing = 1.069*Pump-in + 0.107*Tank Capacity(m3)
If tank capacity > 3500 m3
Total Outbreathing = 1.069*Pump-in + 1.92*(Tank Capacity(m3))0.651
Liquids with flashpoint <37.8>
If tank capacity <= 3500 m3
Total Outbreathing = 2.138*Pump-in + 0.178*Tank Capacity(m3)
If tank capacity > 3500 m3
Total Outbreathing = 2.138*Pump-in + 3.2*(Tank Capacity(m3))0.651
Note: The Pumpout and Pump-in are given in m3/h.
Vent to be sized for the maximum of the inbreathing or outbreathing rate.
(All credits to ankur2061)
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