Good afternoon. This is a Chorus Call conference operator. Welcome, and thank you for joining the Saras Third Quarter 2023 Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing Star and zero on their telephone. At this time, I would like to turn the conference over to Miss Ilaria Candotti, Head of Investor Relations of Saras. Please go ahead, Madam. Good afternoon, and thank you all for joining our Q3 and nine months 2023 results conference call. Today, our Deputy CEO, Franco Balsamo, will start with the main highlights of the nine months and third quarter, and then, he will leave the floor to Marco Schiavetti, Chief Commercial Officer, to discuss the oil markets and the refinery margin. Our CFO, Fabio Peretti, will follow, and will take you through the details of the vision and results, focusing particularly on the cash flow and financial position. Finally, Franco will conclude the presentation, focusing on our update on the strategy. Let me start now, leave the floor with to Franco. Ilaria, thank you very much for you all for participating to our call for the result at the end of September. As you have had the opportunity to see on the screen, Q3 has been a strong quarter, with a comparable EBITDA of EUR 247 million. Slightly below the same period of last year, which, however, was characterized by extraordinary strong margins. We said that, of course, we have concentrated our activity on capturing the healthy margins available in the market, rather than focusing on the EMC premium, which in any case, has been lower, unfortunately, than expected. But as we will explain to you later, is due to both external events, not imputable to our activity and unusual market conditions. As regards the external events, not imputable to our activity, we are talking about the electricity blackout that there was at the beginning of the month of July, which disrupted our operations. The entity of this impact has materialized during the course of the quarter, and the economic effect of these issues will be explained later by Fabio. Concerning the market conditions, Q3, there was an extraordinary strength of high-sulfur fuel oil. That is a component of the EMC margin. It's a production that is not part of our slate. And in addition, a squeeze on discount for sour crude oils, unusual compared to the normal market conditions. Nonetheless, we kept the refinery runs at the higher level in order to size the market opportunity. Looking the nine months, the comparable EBITDA was also healthy, at about EUR 560 million, confirming a positive but volatile market environment, and notwithstanding the rescheduled IGCC maintenance in the second quarter, and the operational issues mentioned above. That said, the main maintenance activities have now been completed, so now we can look forward to more stable and reliable output, and for next year, and a stable level of CapEx. In the renewable sector, during nine months, the output was 7% below last year, and the captured power prices were also lower, but you remember, power prices last year stood at very extraordinarily high level. The outlook for Q4 is positive, as wind conditions seasonally improve during the winter months, and that will be positive for the generation of cash. We are pleased to confirm that the construction of our 80 MW solar plant in Sardinia is proceeding without any delays. All in all, not only during this period, Saras generated a good level of cash, more than EUR 400 million, which covered organic CapEx, and additional CapEx, more or less EUR 30 million for all our projects in renewables and energy transitions. Net financial position at the end of September stood strongly at close to EUR 200 million, notwithstanding the extraordinary cash out in the first part of the year for e xtraordinary taxes related to the previous year, CapEx and dividend. The level of cash currently available in our account reflect our strong financial structures, which allows us to comfortably navigate the volatility of the market, and is good enough to support our commitment to gradually and consistently invest also in the energy transitions. Having said that, I leave the floor to Marco for explanations of our market dynamics. Thank you, Franco, for the introduction. Another very volatile quarter, with Brent floating around $90 per barrel, with a peak of $97 at the end of September. Prices remain very high, thanks to OPEC plus cuts and voluntary cuts by Saudi and Russia for an additional 1 million barrels per day, which have been confirmed also until the end of the year. These cuts, plus the embargo of Iran and Venezuela, and the problems in Kurdistan, are deeply affecting availability of heavy sour crude, with discounts narrowing, as you can see from the graph. With Basra, with a small discount versus Brent at the end of the quarter, turning unfortunately into a premium during beginning of Q4. For what concern instead, light sweet crude, we had a stable and healthy premium around $5 per barrel, supported by middle distillates, very strong middle distillate cracks. The combination of these two effects has a negative impact on the premium that we have been able to achieve above the EMC benchmark. Since the benchmark, the EMC benchmark is considering a crude slate made of 100% Brent without premium discounts, so is a plain benchmark. But we have a dedicated slide in the later on which we will comment later on. Moving to crack spreads, next slide. Very healthy cracks during Q3. On diesel, we continue to have a combination of short supply and healthy demand, which have kept the cracks around $30 per barrel. Very, very, obviously above the historical averages, as you can see. In general, refiners are struggling to keep up with demand, and this is proved also by some operational issues that we experienced during the quarter, in general, in Europe, but all over the world, and also by low inventory, and also we will comment further later on. In addition, during the period, we had an halt of product export from Russia, both on gasoline and diesel, which obviously significantly reduced the supply of the middle and the light distillates. Also, gasoline cracks, also gasoline crack was very strong during the quarter, in particular during the summer period, where demand, where demand is particularly strong, thanks to the driving season. Moving to next slide, energy cost. Nothing particular to highlight here. Energy cost, cost numbers are in line with previous quarter, in particular in power prices, where we had stable prices, stable gas prices, thanks to large imports of LNG to replace Russian flows. So this has basically maintained electricity price at stable level during the whole quarter. Moving to outlook. We expect strong margins during Q4 and also for all 2024, thanks to healthy demand, low inventories and in particular, constrained refining capacity. On the demand side, this year, we reached almost 102 million barrels per day, with a 2% increase compared to last year, in excess of 2 million barrels per day. The forecast for 2024 is for another 1 million barrels per day of growth, lower than 2023, due to the weaker macro conditions. But in any case, oil market is still growing, and this is obviously positive for us. On the supply side, as usual, OPEC plus cuts will be more than offset by non-OPEC incremental supply. Some relief on the sour supply should come from Kurdistan, Iran and Venezuela, with a joint potential of 1 million barrels per day of additional sour supply, and also on this, we will comment further in the next slide. Moving to middle distillates, which is the key product for us, accounting for more than 50% of our yield. We expect the cracks remain strong during the winter heating season and also during 2024. As said before, demand will continue to be stronger, coupled with the constrained refining capacity. In fact, according to some reports issued by Standard & Poor's, which, investor relations can eventually comment with more details. Between 2022 and 2024, incremental supply from new projects should be around 300,000 barrels per day for gasoline, and 500,000 barrels per day for diesel. Absolutely not enough to keep up with incremental demand. And this is definitely supporting our view of strong diesel cracks. Using round figures, during 2022 and 2024, the incremental demand is around 3 million barrels per day, and the incremental supply is just 1 million, roughly, for diesel and gasoline for the two key projects, and you can immediately understand the reason, because we continue to be very positive also for 2024. Finally, on gasoline cracks, after an extremely strong summer, we are back to more normal level. But we, for the same reasons, as explained before, we expect cracks to need to stay above historical average, also for gasoline. Moving to next slide, on inventory levels, you can clearly see, inventory levels during this year always at the bottom of the historical or even the other gasoline below the historical averages. This is another important component, because it demonstrates that refiners are really struggling to keep up with the incremental demand, and the inventory continue to be on the lower side of the historical averages. Finally, moving to crude market developments. I mentioned before, we expect some relief on the extremely high sour crude premiums that we are experiencing in this period. The reason is due to some incremental sour supply that we see already now from Iran, it's clearly reported in the graph, and also some potential from Venezuela, where finally the embargo is over. And from Kurdistan, that is expected to resume almost 400,000 barrels per day of production, halted during the beginning of this year. This incremental supply, we expect to bring in some benefits on the premium over the benchmark, that Saras will be able to achieve, in the forthcoming months. By the way, we have already seen the Saudi Arabia lowering sour crude premium to Europe by $2 per barrel for December deliveries, and this is the proof that sour supply is definitely increasing, and the premium should lower, and we should see discounts for sour crude more in line with historical averages. Now let me hand over to Fabio for the financial analysis. Thank you, Marco. Moving to the group financial highlights, as Franco said, the nine-month results were very solid, with a reported EBITDA of EUR 583 million, and a comparable EBITDA of EUR 560 million. Notwithstanding the heavy maintenance scheduled in the first half of the year, and the impact of some unexpected operational outages that occurred in Q2 and in Q3. In the third quarter, the reported EBITDA amounted to EUR 300.9 million, while our comparable stood at about EUR 247 million, with the main differences related to the positive effect of the scenario on changing inventories between the start and the end of the period, which is not included in our comparable results. Our Q3 comparable EBITDA relates to a refining margin that was high and accounted for $14.6 per barrel. However, in a context of higher level of marginality, it was negatively affected for about $2 by the impact of the two consecutive blackouts, occurred in the same day, just a few hours of distance, one from the other, on the Sardinian electric grid in the second week of July, for causes not related to our responsibility and outside of our control. The blackout caused a complete shutdown of the industrial site. However, the magnitude of the impact was not immediately clear, because a series of outages that were as planned occurred during the ramp up and after the final restart of the operation, analyzing the production for the rest of the quarter. As a consequence, the negative impacts were progressively accounted during the quarter, and we expect some further limited materialization in Q4, when the remaining part of the required maintenance activities will be completed. Q3 reported net income reached under EUR 51.2 million, benefiting growth from normalized tax rate, as Franco said, and a reduction of net exchange differences, given the greater stability of the exchange rate is compared with the same quarter of the previous year. Our comparable net results stood at EUR 121 million, not including positive effect of the scenario in inventories. Finally, our net financial position before IFRS is in effect reached under EUR 94.5 million, up from EUR 73.5 back in June, thanks to the strong cash generation in the quarter. Going to the next slide. Moving now into the segment analysis, and starting from the industrial marketing. The third quarter was characterized by extraordinary economic results, close to those achieved in the same period of last year, confirming a bit with some reduction the high level of industry margins. As a result, the comparable EBITDA of the third quarter was EUR 244 million, with the marketing channel accounting for EUR 18 million. The reduction compared to last year's result is primarily attributable to the scenario, which despite being very positive accounted for a lower EBITDA of EUR 109 million. This amount takes into account the effect of lower diesel crack and higher cost of crude oil, as well as the weakening of the U.S. dollar, and was only partially compensated by the higher gasoline crack. The remuneration of the power plant under the Essentiality Regime accounted for EUR 27 million, EUR 11 million higher than last year. This amount is in line with the previous quarter, and it's mainly driven by the higher 2023 capital remuneration. Our operating performance was EUR 12 million better than the same period of last year, thanks to the Saras Trading performance that continued to be very positive in the valorization of our production throughout all our sales channel. Furthermore, 2022 results were not penalized by the impact of the stronger quotation of crude last year, which impacted our 2023 results, both on inventories and crude purchase. The higher commercial result more than compensated for the site production and the lower availability of crude on the market, which reduced our opportunity to optimize the refinery quickly. On the other hand, the variable costs were lower than last year, mainly thanks to the normalization of the electricity price, as well as our fixed costs that were lower than last year for about EUR 13 million, mainly for lower general expense and maintenance costs. Finally, our industrial marketing CapEx stood at about EUR 37 million, taking into account all the maintenance activities of the period. If you look at the first nine months comparable, the results stood at EUR 548 million, compared to EUR 790 million the same period of last year, which in this case, the largest part of the difference is attributable to the scenario for the same reason previously anticipated. Moving to the Saras industrial marketing margin, as mentioned, Q3, it stood at $14.6 compared to the EMC benchmark margin that was $12.4. Saras Q3 premium reduced to $2.2, as both the scenario and the impact of the two blackouts, not related to our responsibility and outside of our control. The impact of the blackouts and the subsequent outages that emerged at various time levels during the restart and the stabilization of the production, had an impact on the quarter premium of about $2. I would like now to focus on the extraordinary scenario effect, which cumulatively reduced Saras premium by about $1.5. Firstly, the increase of the heavy sulfur fuel oil, which moved from -$25 per barrel in Q1, to -$14 in Q2, and reached the average of -$6.5 in Q3, with the HSFO that represents 7% of the EMC reference yield, while Saras refinery physically does not produce it. Which the higher issues for crack in Q3 led to an improvement of the EMC reference margin, which was not reflected in Saras margin, and this accounted for about -$0.7 per barrel. Secondarily, a further impact came from the higher cost of crudes, mainly in the sour grades, which further proceeded in the quarter, as Marco mentioned. This effect penalized complex refinery like Saras, which use the sour crude oil, but it did not have any impact on the EMC reference margin, which was latest priced 100% at Brent. Overall, in the quarter, these effects accounted for another -$0.7 per barrel. Netting the EMC margin for the above mentioned extraordinary effect, we can represent the so-called EMC adjusted margin, which in Q3 stood at $11, against the Saras premium, which stand at 2.6. A similar analysis can be done for the nine months. Saras margins stood at 13.3, with a premium of $4.4 compared to the EMC reference margin, that was 8.9. However, adjusting the EMC nine-month reference margin for the scenario effect, the adjusted EMC would be 8.3, and Saras premium, about $5. This is in the lower part of our guidance range, mainly for the unexpected operational outages that occurred in Q2 and Q3. In the renewable segment, third quarter EBITDA was EUR 3 million, up compared to the EUR 6 million of last year. This reduction was driven by the lower tariff, which in Q3 2023, was equal to 101 EUR per MW hour, with 100% of the production sold without price cap. In Q3 2022, the average tariff was 151, with the market price that was applied to about 35% of the production, and was equal to 356 EUR per MWh, while the rest was capped at 61 EUR per MWh. It is worth to mention that both price caps, the one at 61 EUR and the one at 100 EUR per MWh, were not extended to the second part of 2023, therefore, our production is now entirely sold on market price. On the other hand, in the third quarter, the production was higher at 57 GWh, compared to the 43 MWh of the same period of last year, thanks to the more favorable wind conditions, despite a slightly lower mechanical availability. Looking at the CapEx, in Q3, we invested EUR 6 million to continue with the construction activities of the photovoltaic plant, Elianto. The project development status is roughly at 50%, and we confirm that CapEx in 2023 will be in the range of EUR 50 million. Our objective to reach the commercial operation date in Q2 2024. For what concerns our net financial position, we ended Q3 2023, with a net cash of EUR 195 million, up from the previous quarter when it was EUR 74 million. Looking at the main components of our cash flow in the third quarter, our reported EBITDA was EUR 301 million. Our working capital has increased, absorbing about EUR 100 million, and such variation was mainly generated by the increase in our trade receivable. It was partially related to late sale of product, for scheduling reason, and partially to electricity sales, which increased after the restart of the operation, following the completion of the multi-year maintenance activities in Q2. Our current expenditure was EUR 46 million, of which about EUR 6 million related to Elianto, and our interest expense and financial charges were EUR 14 million. So all in all, our net cash position stood at EUR 195 million at the end of September. The year-end net cash is obviously subject to refining margin and the impact of the oil scenario on our working capital. Nevertheless, with few months left to the end of the year, we comfortably reiterate our target to maintain a positive cash position by year end. Now, let me give the floor to Franco for his final remarks. Thank you, Fabio. Outlook for this year end. This year is coming to an end, and it's supposed to be a very solid year for us. Our margin expectation for the remainder of the year is positive, as Marco explained before, particularly thanks to strong middle distillate cracks, and notwithstanding the seasonal gasoline weakness. So we are expecting a very good Q4, and the result of the full year will be extremely interesting. In terms of operations, on our site, the maintenance activities are now complete. And in the last quarter, there will be some minor repair works, part of it also as a consequence of the external event occurred in July. Of course, as we have explained, these issues was very complex to be managed. The economic impact is negative. At the same time, so we have to thank the capability of our colleagues in the refineries to well manage this extraordinary effect. But in any case, the cost is in our account. The runs in this quarter will be at the normal rate, and on the full year basis, we expect a range between $94 million and $95 million. Considering the forecasting scenario and the expectation for the operational performance, we are expecting a premium over the MC margin for the full year to be between $5 and $4 per barrel. It is slightly lower than the previous guidance that was between $5 and $6. It's due to the weaker operational performance, mainly to external events that explained before, but as far as the scenario is concerned, to the usual effect on the price of the high sulfur fuel oil that are extremely expensive, let me say it this way, and the lower discount on the sour crude oil that we expected. This is not in line with the average. So taking considerations, this negative impact on the scenario, the Saras premium in a sort of adjusting premium for the full year would be, in any case, in line with the previous guidance and more than $5 per barrel. In terms of fixed cost, the guidance remain unchanged, and we expect to close the year at EUR 390 million. We also take some optimizations on cost due to the various programs that we launched during the year. The CapEx, we confirm, will be for the industrial marketing, will be in the range of EUR 180 million. In terms of renewable, our renewable business production in the first nine months of the year, you see, was lower than expected. In any case, thanks to the usual good seasonality at the end of the year-... Or better, typical high wind conditions, we expect to reach at the year-end 150 GWh of production that is in line with last year. As I further said before, the construction of the Elianto solar plant is proceeding without delays, and we confirm our target to start operations by the end of June. In terms of renewables, the CapEx is confirmed, approximately EUR 50 million for the development of the plant, as described before. So having said that, the with the favorable expectation for the last part of the year, we will be able to generate a good level of cash flow, and the liquidity also at the year end will be comfortably positive, and this is for sure a good situation of for our solid financial financial trust. Finally, I give you a brief and short update on the progress we made in the last quarter in order to reach and to continue in the achievement of the strategic goal goal in term of our first pillar of our strategy is to ensure continuity of oil and power business. We have completed the multi-year turnaround of the power plant, and we launched a series of initiatives aimed at margin maximization, cost optimization, and the effect of this measure will be collected starting next year, but we describe it later on in the next call. As far as our process to accelerate our growth in the renewable business, we are progressing on the construction of the 80 MW solar plant, as described before. We have increased our pipeline of wind projects in Slovenia for an additional one wind farm, roughly for the 70 MW. We are convinced the decarbonization process will be accelerating in the coming months, and so we do believe that the current volatile macro conditions will lead us potential opportunities in order to complete our growing strategy in this important sector. And finally, on the energy transition opportunity, we are expecting the finalization of the IPCEI funds, but in the operating standpoint, the progress of the green hydrogen plant is ongoing. We are completing also our project in order to define a potential investment in the carbon capture with the collaboration of Air Liquide, and we are submitting application for funds of the Green New Deal. Also, we began an experimental project on carbon capture and utilization in order to produce a SAF, a new sustainable fuel for aviation. The project just received a confirmation from the Environmental and Energy Security Minister that it will be a big challenge for our company. Finally, the biofuels technical evaluation and some investment are underway to develop our HVO productions both the pure and the co-processing. For next year, we are planning to produce 10,000 tons of pure HVO, but we're also developing a plant in order to pretreat other vegetable oil. And this finalized to broaden the range of feedstock to be used both for co-processing and for pure HVO production. On this extent, we are studying the revamping of two units into the refinery in order to be used for the production up to 200,000 tons a year of pure HVO, that could be eventually in operations at the beginning of 2026. All this activity confirms our commitment to the decarbonization and the sustainability process, and also to development on our renewable business within a wider range of opportunity that may be offered by the market. Thank you very much for your attention. We are ready to take your questions. This is the Chorus Call Conference Operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one at this time. The first question is from Alessandro Pozzi of Mediobanca. Please go ahead. Good afternoon. Thank you for taking my three questions. The first one is on the new guidance for the EMC. I think if you look at Q4, it still implies a very wide range, depending on whether we put $4-$5 per barrel. So I was wondering if you can give us maybe a bit more more sense of what could be the premium in Q4. My understanding is that the power cut is taking out about $2 of premium, and is it fair to assume that those $2 will be back? But also I think I heard a comment saying that some of the potential inefficiencies could be carried out in Q4, so I'm not sure whether that is appropriate or not. So if you can maybe give us your thoughts on that. The second question is on the cash guidance for year end. Of course, you're reiterating your positive net cash guidance, but, I mean, at the moment, it's almost EUR 200 million before IFRS. So I was wondering maybe if you can give us what could be the main cash outflows in Q4? And for 2024, I know it's very early, but can you give us a sense whether 2024 is going to be a light or heavy year in terms of maintenance? Thank you. Sorry, Alessandro, your last question, please, could you repeat? It's about 2024, and whether it's going to be a light or heavy maintenance year. Light or heavy maintenance. Okay, starting from the cash balance or the net financial position at the year end, as we have said before, we are, we have a cash out in this part of the year. One is related to tax, and on the other side, as well described in the previous quarter, we have to repay to ARERA the differential of credit we collected last year when the pool prices were higher than the production cost, what we call QR. The amount is forecasted about EUR 155 million. So having said that, we are expecting to optimize our working capital, and we do believe that the, of course, due to the volatility also is a market condition, but the year end, to have a level of net financial positions positive and slightly lower than the liquidity at the end of September. Okay, so 150 includes taxes and the repayments to ARERA altogether for Q4? Mm, yes. Okay. The next question is from Nicolò Storer of Kepler. Please go ahead. Yeah. Maybe, maybe still Alessandro. Yeah. Wait for other answers. Yeah. For Alessandro, for what concern the premium in Q4, as you know, we usually don't, don't give premiums on quarters because they are very volatile. Nevertheless, as you have seen, we are closed the nine months with a premium that is $4.4, and so we expect that the range between $4 and $5 could be also appropriate for the Q4. I think for the- As far as the maintenance is concerned, of course, every year is an important year of maintenance, so at the time being, we could say that is in line with, this year, but we'll see if there are. So we are not expecting stronger and, maintenance progress. So we see that there are more or less will be the same, could be different, the timing, of the maintenance. Probably we, we'll update you as soon as we have, elaborated the, the planning. But if, it's not wrong, if I say that the next year will be in line with the, with the availability of this year. Yeah, maybe, maybe I can start with my questions. Thanks for taking them, maybe just two. One is still related to what should we expect going forward, focusing on fixed costs? Basically, in Q3, we have seen a drop, and also imply Q4 is going to remain low. So, EUR 390 million is the guidance for 2023. Assuming in 2024 a more normal business trend, is it reasonable to extend more or less the EUR 80 million-EUR 90 million fixed cost for the four quarters, getting to EUR 350 million-EUR 360 million for the full year? Or should we expect something more closer to the EUR 390 expected for 2023? The second question is on the impact you have had from the blackout in early July. Probably you already said it, and I must have missed it. If you can quantify the negative impact on the premium in all after value. Thank you. Okay. For what concerns the first question related to the fixed cost, for the next year, we expect a level which is more or less in line with the one of this year, so around EUR 390 million. As you know, this year, there was a little bit of increase because of inflationary effects and some additional costs that we have to face, as most of other companies. For the fourth quarter, fixed cost, yes, the calculation is right. We expect something in the range of EUR 90 million. Sorry, can you repeat the second question? The impact of the blackout, as I explained, is about $2, $2 for the second quarter, and for the third quarter, and is more or less EUR 50 million, just to make a broad number. Of course, this situation happens because we are a complex industrial site. What we say that is not a negative performance generated by us, but by external effect, but that is part of the business. But our organization now was capable to manage the critical situation that happened. But the impact for the quarter is $2. Okay. Thank you. Thank you very much. The next question is from Massimo Bonisoli of Equita. Please go ahead. Good afternoon. One question regarding renewables and low carbon investments. These kind of investments are showing quite sizable inflation or behavior in equipment delivery. So I just was wondering if you can provide some details on your inflation in terms of CapEx, CapEx on renewables. You also mentioned before the EPC contribution. So also in case of hydrogen and electrolyzer, maybe inflation could be stronger than expected when you made the budget. And if there is a trigger level at which inflation or deliveries, or decrease in deliveries may trigger the eventual stop of the project. Thank you. In terms of inflation, what I can say is that the CapEx cost for the construction of 80 MW is more or less in line with expected. So we can say that due to our procurement process that started months ago, more or less, we can say that we didn't suffer virtual increase in inflation prices. So the execution of the project is in line with the expected CapEx. As far as the project on the green hydrogen, of course, the cost of the investment is set, is fixed, and inflation cost I do not think will be material, because most of the cost will be variable due to the production cost of the electricity. So the inflation costs are on our core business. I don't see for this year and for the hydrogen, the green hydrogen project, a big risk on these issues. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Ram Kamath of Barclays. Please go ahead. Hi, thanks for taking my questions. I have a couple, please. Firstly, I appreciate it's an extremely volatile oil market, particularly on the crude side. I just want to understand your view on how you are seeing the crude differential will be in the fourth quarter. And, on high-sulfur fuel oil, even the crack was strong last quarter. It has come off from high, so wonder how do you see it during the winter season? And, the second question, I'm just trying to understand the biofuel part of your strategy. I understand that the technical assessment is still on, but I want to understand what would be your target market, and how the business will be sync with the refining business. Do you plan to target certain clients or the market here? Thank you. Thank you for your question. On the, on crude differentials, as I said, we have, we expect, Q4, with, discount for heavy sour crude widening again, also because with some incremental supply, as I said, from Iran already materializing, maybe to China. Then we have positive news around Venezuela, where the embargo is over, even though Venezuela is struggling to ramp up with the supply because, the lack of investment in the, in the last, in the past years. In any case, we already see the signs of of differentials, no discounts widening. As I said, Saudi, they already published, the, their official selling price for, for the month of December, increasing the discounts by a huge amount of $2 per barrel, which is very positive, and, this is a natural consequence of the incremental sour barrels that, are available now, already now in the market. So we are now positive for our. We have a positive view, in the market. On, on your question on high sulfur fuel oil. High sulfur fuel oil is a difficult market. It's very volatile, because, supply and demand, as you can imagine, are very limited, in particular, in this part of the world. So prices are deeply manipulated, are affected by a very high volatility, but also on this side, we have already seen cracks returning back to historical averages, so we are also positive on HSFO. Thanks. Thank you, Marco. In order to your question relating to our biofuel strategy. Of course, our strategy is very prudent, and is a step-by-step process. The first step is to invest in a pretreatment unit, in order to increase the capability to treat different kind of vegetable oil. And this is the first step for a solid investment. On the other side, we are investing in new catalysts that will allow us, starting this year, to produce 10,000 tons of pure HVO. And this will be good enough in order to cover our obligations. Having completed this, the first step of the investment, at that point, and in the meantime, we are evaluating and studying the technical activity in order to revamp to the sulfurizations unit already in exercise in the refinery, in order to produce up to 200,000 ton. Of course, our strategy, as I said before, will be step by step. We want to be flexible in order to avoid the risk to be mismatched. On one side, as your questions, our market capability to place the new product, and the other side, to avoid the risk to have a mismatch on the supply. That is another arising potential a potential risk. So our approach is to monitor the market, to use our technical capability into the market, to approach this new activity in a modular and flexible way. Okay. Thank you. I hope to have been clear in the answer. Once again, if you wish to ask a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. Okay. Thank you, everybody. Thank you very much for your attention. I hope to see you in another, in another occasion. Bye-bye. Have a nice day. Bye.