MILAN (Reuters) -Italian energy group Eni said it would increase its distribution policy to between 30% and 35% of its cash flow from operations (CFFO) as it expects 8 billion euros ($8.7 billion)in net proceeds from asset portfolio management to 2027.

The group will raise dividends on 2024 results by over 6% to 1 euro per share and buy back shares worth 1.1 billion euros.

Other big oil groups including Shell, Chevron ( CVX ) and TotalEnergies have also increased their dividend in the fourth-quarter results, while BP increased the rate of its buybacks.

Opening its investor day on Thursday, the group said its overall net capital expenditure would amount to 27 billion euros over the period, equal to an annual average of 7 billion euros, 20% less than in the previous plan.

The group said it would accelerate its so-called satellite strategy, under which its energy transition businesses would grow and become able to fund themselves independently.

Reflecting an expected fall in commodity prices, Eni said earnings before interest and taxes (EBIT) for the gas and LNG division (GGP) is now seen at 0.8 billion euros after the outperformance of 2023.

The group said it would accelerate its so-called satellite strategy, under which its energy transition businesses would grow and become able to fund themselves independently.

After signing a deal with Energy Infrastructure Partners under which the Swiss investment fund bought a minority stake in Eni's low-carbon unit Plenitude, the group now plans a similar development for its biofuel unit Enilive.

Carbon capture and storage business and bio-plastic business would follow.

($1 = 0.9150 euros)