A liquid storage tank comprising an outer container wherein the outer container is rigid and has at least one inner container disposed within the outer container. The at least one inner container contains at least one stored liquid which may be refilled from a surface vessel or host facility. The at least one inner container is flexible and pressure balanced while the volume of the outer container remains fixed, and the volume of the at least one inner containers is variable. Disposed on the outer container is a balance assembly containing an isolation valve, a check valve, and a flexible bladder. The balance assembly allows for the hydrostatic pressure to be maintained during chemical dosing and tank raising operations.