Core Viewpoint - China Petroleum has successfully established a complete industrial chain for ultra-low sulfur heavy fuel oil, marking a significant step in meeting new maritime fuel regulations and enhancing its market position [2] Group 1: Company Developments - China Petroleum's fuel oil company recently supplied 875 tons of ultra-low sulfur heavy fuel oil to COSCO PRIDE, a vessel of China COSCO Shipping Group [2] - The ultra-low sulfur heavy fuel oil was produced by China Petroleum's North China Petrochemical Company [2] - The company aims to become a "comprehensive energy supplier on water" and is focusing on reducing oil usage while increasing specialized and green products [2] Group 2: Industry Context - The International Maritime Organization has reduced the sulfur content limit for marine fuel in the Mediterranean region from 0.5% to 0.1% as of May 1 [2] - This regulation is expected to create a demand for approximately 4 million tons per year of marine light diesel and ultra-low sulfur heavy fuel oil, as over 17% of cruise ships and 24% of fleets operate in the Mediterranean [2] - Ultra-low sulfur heavy fuel oil reduces sulfur emissions by 80% compared to traditional low-sulfur fuel oil, and it has lower production costs and energy consumption, making it more suitable for market needs [2]