In this context we've taken steps to strengthen our competitive position in each sector. In gas and power we continue our strategy of reviewing our supply costs, enable ready close the agreement with Sonatrach. However, it is worth reminding you that gas and power results do not yet include the expected benefits of the Gazprom renegotiation which is progressing constructively and will be retroactive for the whole of 2011.Meanwhile, we've strengthened our position in the most resilient retail segment through organic growth in Italy and selective acquisitions in France and Belgium. In Refining and marketing we are concentrating our efforts on efficiency. In 2011, we exceeded our target with over €150 million savings. In Petrochemicals alongside cost cutting we're refocusing our business on more profitable niches and example comes from our innovative project to convert a structural loss making basic chemical plants to biochemical giving us the full told in these fast growing markets.
ENI's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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