The Global Heavy Residual Fuel Oil Market was valued at USD 55.75 Billion in 2024 and is projected to reach USD 70.69 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.8% during the forecast period (2024–2032). This market is undergoing significant transformation due to stringent environmental regulations, particularly the IMO 2020 sulfur cap, which has drastically reduced demand for high-sulfur fuel oil (HSFO) in marine applications.

As the energy sector shifts toward cleaner alternatives, the heavy residual fuel oil industry is adapting through technological innovations and strategic repositioning. In this blog, we profile the Top 10 Companies in the Heavy Residual Fuel Oil Industry—oil majors and refiners who are maintaining critical supply chains while transitioning toward cleaner energy solutions.

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🔟 1. Shell Global

Headquarters: London, United Kingdom
Key Offering: VLSFO, LSFO, Marine Fuel Solutions

Shell remains a dominant player in marine fuels despite transitioning its portfolio. The company provides compliant VLSFO (0.5% sulfur) solutions worldwide and has invested in LNG bunkering infrastructure as an alternative to traditional bunker fuels.

Transition Initiatives:

• 40% reduction in traditional fuel sales by 2030

• Global network of LNG bunkering stations

• Biofuel blending partnerships with major shipping companies

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Heavy Residual Fuel Oil Market – View in Detailed Research Report

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9️⃣ 2. ExxonMobil Corporation

Headquarters: Irving, Texas, USA
Key Offering: HSFO, LSFO, Marine Distillates

ExxonMobil supplies residual fuels to global markets while optimizing refinery operations. The company has strategically maintained HSFO supplies for vessels equipped with scrubbers while expanding LSFO production capacity.

Transition Initiatives:

• Refinery upgrades to improve light product yields

• Investments in carbon capture technology

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8️⃣ 3. BP plc

Headquarters: London, United Kingdom
Key Offering: Heavy Fuel Oils, Bunker Solutions

BP provides residual fuels to power plants and marine sectors while executing its energy transition strategy. The company offers compliant marine fuel solutions alongside alternative energy options.

Transition Initiatives:

• Targeting 50% reduction in oil and gas production by 2030

• Developing biofuels and hydrogen solutions

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7️⃣ 4. Chevron Corporation

Headquarters: San Ramon, California, USA
Key Offering: Heavy Fuel Oil, Marine Fuels

Chevron maintains significant residual fuel operations while expanding renewable fuel production. The company supplies HSFO to ships with scrubbers and LSFO to compliant vessels.

Transition Initiatives:

• Renewable fuel production expansion

• Carbon capture and storage projects

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6️⃣ 5. TotalEnergies

Headquarters: Paris, France
Key Offering: Marine Fuels, Industrial Fuel Oils

TotalEnergies has strategically repositioned its heavy fuel oil business toward compliant marine fuels. The company offers comprehensive bunker fuel solutions with a growing LNG portfolio.

Transition Initiatives:

• 30% reduction in oil product sales by 2030

• Major investments in LNG bunkering infrastructure

Download FREE Sample Report:
Heavy Residual Fuel Oil Market – View in Detailed Research Report

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5️⃣ 6. Sinopec

Headquarters: Beijing, China
Key Offering: Residual Fuel Oil, Marine Bunkers

As Asia’s largest refiner, Sinopec plays a crucial role in regional residual fuel markets. The company supplies heavy fuels to Chinese industrial consumers while upgrading refinery configurations.

Transition Initiatives:

• Refinery modernization programs reducing HSFO output

• Strategic focus on petrochemicals and cleaner fuels

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4️⃣ 7. PetroChina

Headquarters: Beijing, China
Key Offering: HSFO, LSFO, Industrial Fuels

PetroChina meets domestic industrial fuel demand while investing in refinery upgrades. The company maintains strategic reserves of heavy fuels for power generation applications.

Transition Initiatives:

• Residue upgrading projects to maximize light products

• Expanding natural gas and renewable energy portfolios

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3️⃣ 8. Petrobras

Headquarters: Rio de Janeiro, Brazil
Key Offering: Heavy Fuel Oils, Bunker Fuels

Brazil’s national oil company continues supplying residual fuels to domestic industries. Petrobras has optimized its refining network to balance residual fuel production with cleaner alternatives.

Transition Initiatives:

• Refining optimization programs

• Renewable energy investments

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2️⃣ 9. Indian Oil Corporation Ltd. (IOCL)

Headquarters: New Delhi, India
Key Offering: LSFO, HSFO

IOCL supplies heavy fuels to India’s growing industrial sector while modernizing its refining complex. The company focuses on meeting domestic infrastructure needs during the energy transition.

Transition Initiatives:

• Refinery expansion and upgrading projects

• Biofuel blending programs

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1️⃣ 10. Gazprom Neft

Headquarters: Saint Petersburg, Russia
Key Offering: Heavy Fuel Oils, Marine Bunkers

Gazprom Neft maintains significant heavy fuel oil production for domestic and export markets. The company has optimized operations to serve evolving demand patterns in marine and industrial sectors.

Transition Initiatives:

• Refinery modernization programs

• New fuel formulations development

Get Full Report Here:
Heavy Residual Fuel Oil Market – View in Detailed Research Report

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🌍 Outlook: Heavy Residual Fuel Oil in Transition

The heavy residual fuel oil market faces fundamental changes as environmental regulations reshape demand patterns. While declining in marine applications, residual fuels continue serving industrial sectors during the energy transition.

📈 Key Trends Shaping the Market:

• Scrubber-equipped vessels maintaining HSFO demand

• Growing preference for LSFO in compliant applications

• Refinery upgrades reducing residual fuel yields

• Continued demand from emerging market power generators

Get Full Report Here:
Heavy Residual Fuel Oil Market – View in Detailed Research Report

The companies profiled above demonstrate how traditional fuel providers are navigating complex market dynamics while transitioning toward cleaner energy solutions.