 And first in my list is Olivier Perre. Okay, I will like in my presentation to set up the scene of the US and China. We discussed yesterday and today about the trade battle between those two countries. And I think it's interesting and it was on the agenda of this meeting. I think it's interesting to consider what could be the impact of this trade war on the energy scene. And first of all I would like to highlight the change of the landscape, both in China and in the US, the last 10 years. And in fact for the last 10 years the landscape has dramatically changed and just consider the figures, some figures, in 27 and 2017. Energy demand in the US is characterized by a great stability, but there is a game changer of the shale revolution, but I will come back afterwards. Total energy consumption as well as oil consumption decreased by around 4% and refinery capacity is almost stable. On the contrary, total energy consumption in China increased during this same period by 45%. Oil consumption by 54% and refining capacity by 66% just in 10 years. Internal production of oil remains stable in China, increased for gas, but in fact consumption of gas has been multiplied by a factor of 4 in just 10 years. So China is now the second importer of LNG behind Japan. Coal production and consumption grew by 20%. In Western country we consider that coal is over, but it's not the case in China and the consumption increased, but coal demand peaked in 2013 despite a recent slight increase. China has started to move away from coal and in those last 10 years the share of coal in China's primary energy mix declined to 60.4% from 74% just 10 years ago. Electricity consumption almost doubled and it is clear that energy security is the Achilles heel of China. China's oil import dependency rose, ratio rose to 68% in 2017, the highest in its history and natural gas imports dependency rose to almost 40%. A few words on renewable energy which has been increasing both in China and in the US but when the renewable energy increased by a factor of 4 in the US it increased in the same period by a factor of 30 in China and 40% of global investment in renewable energy are done in China and you know that four Chinese companies are amongst the five biggest producers of solar panel which was not the case at all 10 years ago. The geopolitics of oil and gas experience during this period the game changer of non-conventional hydrocarbon in the US and thanks to Shell Revolution, US oil production increased by a factor of 2 despite the drop of oil prices and the US are now the first producer of petroleum ahead of Russia and Saudi Arabia. Gas production increased by a factor of 40 and the US became a net exporter of gas and thanks to the Shell oil and gas revolution, US energy dependence has fallen from 29% in 2007 to only 8% in 2017. This is opening wide opportunities for the US diplomacy as it is explained clearly in Trump's America First energy plan. The clear objective is to make America energy independent and the energy independence of Obama has been replaced by an energy dominance and I quote one of Trump's tweet American energy dominance is a strategic economic and foreign policy goal of the United States, the US wants to become and stay totally independent of any need to import energy from the opaque cartel or any nation or style to our interest. So it is not surprising that energy is also at the core of the Trump war between China and the Trump-led war with China. I just remind you that it started in March and June 2018 when the US imposed tariffs or quotas on steel and aluminum and then in July and August the US began imposing tariffs on 50 billion of Chinese industrial goods on the ground of unfair trade practices. As China has retaliated with that measures, President Trump has imposed tariffs on 200 billion in Chinese goods and has threatened to tariffs all Chinese imported goods. During this escalation energy product has been included by China such as LNG or coal. As China domestic energy consumption has grown, the country has become a significant destination of US energy export. China has taken a large share of incremental volume of US LTO and emerged as the second largest buyer of US crude in 2017. But despite this dramatic increase, the US accounts for less than 3% of Chinese crude imports. As the global market is fungible, China would likely replace the lost US barrels for its top sellers, Russia or Saudi Arabia and clearly China will also continue to import Iranian crude despite the US embargo. So in the short term the biggest winners of an oil trade war between the US and China would be OPEC and Russia which is quite surprising. China has retaliated to the US tariffs by imposing amongst others a 10% tariff on US LNG. The US is becoming the third largest LNG exporting countries by capacity but currently the US is not a major supplier of LNG to China. The US represents less than 4% of total Chinese LNG imports in 2017 and the trend conflict could however have a significant impact on the new wave of US LNG project. The Chinese tariffs may delay or even stall some US LNG project and slow down the expansion of US LNG exports. China will not lack alternative resources. A cut in US LNG imports by China will open the door further to cooperation with Russia. Other energy exporters will benefit such as Qatar, Papua New Guinea or Australia and Canada and the recent FID taken by LNG Canada clearly targets Asian and China's market. Since August 23 China has imposed an additional 25% import tariff on US coal. In 2017 China imported in fact 3 million tons of US coal representing only 1% of total Chinese import and almost nothing in its total consumption. So the impact of the tariffs will be minor. On the US side China accounted for only 5% of US coal export but the effect of China's tariffs on the US coal industry can be seen in fact as a missed opportunity for US miners as the Chinese market was a potential outlet for US coal. Trump decided also to impose on top of a quota of 2.5 gigawatts of import free of duty 30% tariff on solar panels. The objective was to stimulate the creation of new jobs in the US. Some new factories will be built creating some jobs. However the impact of on the downstream industry will be significant. That's why the solar energy industry association were opposed to tariffs. Developers have since reported the consolidation of freeze of more than 2.5 billion in large projects. Let's add to additional impact for the energy industry in the US. The imposition of tariffs on imported steel will have an indirect impact on the US oil and gas industry and prices of US steel products as sold. So this has a significant impact for the oil and gas industry and also that's why the oil and gas executive expressed their opposition to the tariffs. But though we can't ignore the fact that the trade war may have an indirect impact on the energy market and there is a risk that the current trade tension escalate further would have an adverse effect on confidence, asset prices and investment and impact. In fact the economic growth, lower economic growth would in turn reduce the pace of increase of crude oil and energy demand and this is the last potential impact of this trade war between China and the US. Thank you Olivier. Just one small question to you. You said that China will continue by oil from Iran. Do you think China will increase the volume of importation or decrease with this trade war between US and China may have certain impact? Will China try to do a deal to reduce the oil importation or just battle by increasing the importation of oil from Iran? Which do you think China will take? I'm convinced that China does not care about the embargo and in fact due to the trade war between China and the US they will continue to import and even increase their imports. What could be the retaliation measures? The retaliation measures as explained by Trichet just before are detrimental for western companies and that's why Total for example decided to drop from SPAS LNG 11. But what could be the retaliation measures of the DOG or the US government towards the Chinese company and by the way I'm convinced that the Communist Party in Beijing will urge companies to oppose any decision of the US. Is there any Chinese participants in here to comment? Maybe not. Okay, well maybe we may back to this Iranian issue maybe later.