We will continue to work on improving the competitiveness of our supply portfolio opening talks with stock oil in the second part of this year. Meanwhile, our improved cost position will sustain growth and consolidate our position in European retail on the back of over 1 million net new clients added in 2011.
Over the past year, we have also worked to enhance our trading capabilities, trading is here in London, the office is next to this one. The people here are in close contact with all our divisions to capture the benefits of market volatility and price differentials in different markets. One respect that the current market weakness will continue to put pressure on our merchant business in the first part of the plant period, we are confident that from 2014, 2015 onwards the European gas market will tighten again.
On the demand front, we see a recovery and then long-term growth in volumes driven by economic development and fuel switching to gas in line with the European objective of reducing CO2 emissions. In total, we expect EU demand to increase from around 500 BCN to over 560 BCN by 2015 and close to 600 BCN if we look forward to 2020.
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